Shareholders of local insurance provider Income Insurance (Income) now have an additional option to sell their shares in the company, following a change in its legal structure in September 2022.
The new option, announced on Jan 12, will enable retail and individual shareholders to sell their Income shares through local brokerage Phillip Securities. The shares will be converted to tokens and traded on private digital securities exchange Alta.
Phillip Securities is a subsidiary of PhillipCapital, which is a shareholder of blockchain-powered Alta. In 2022, the value of orders placed on the platform amounted to US$32 billion (S$42.9 billion), and it hit US$195 billion in 2023, a rise of 500 per cent.
The move is expected to make it much easier for existing shareholders to sell their shares in Income, a public non-listed company, by shortening the process from months to a matter of days.
Alta chief executive Kelvin Lee said: "Trading is made easy due to the simplified transfer, clearing and settlement process, which al-so results in lower costs." Under Income's previous cooperative structure, shareholders had the option to redeem their shares at par value or $10 each.
この記事は The Straits Times の January 17, 2024 版に掲載されています。
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この記事は The Straits Times の January 17, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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