In its announcement dated April 30, Alta and Phillip Securities Pte. Ltd (PSPL) introduced their inaugural trade for the first tranche of shares from Income Insurance Limited Shareholders.
Alta has established itself as one of the most influential private markets digital securities exchange within Asia, while PSPL has secured its position as the largest retail broker in Singapore.
The trade forms part of the Income Insurance Share Liquidity Program established in January this year. The program was founded by Alta and PSPL and facilitated through Alta exchange arm AltaX and provides a liquidity solution to almost sixteen thousand shareholders holding shares valued at as much as $840 million.
The program anticipates additional windows for Income Insurance shareholders to sell their shares to PSPL to follow in the later part of 2024.
By enabling access to PSPL to all Income Insurance shareholders to sell their shares, PSPL is able to subsequently sell these shares on AltaX where it becomes available to investors for trading.
This program creates a seamless trading process on AltaX, leveraging on the digital exchange’s market participants which includes an active global community of traders and market makers.
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“Platforms such as Alta are reshaping the trajectory of private companies, providing them with the means to prolong their private status while accessing a diverse array of capital sources,” says Kelvin Lee, Chief Executive Officer at Alta.
“Through this partnership, Phillip Securities has enabled Income Insurance shareholders to seamlessly monetise their investments while AltaX provides institutional and accredited investors with unprecedented access to Income Insurance shares, along with a host of other alternative assets,” adds Luke Lim, Managing Director of Phillip Securities.
Since its introduction, Alta has focused on solving issues within private market liquidity by providing secure exchanges for buyers and sellers to trade in private shares.
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As of today, Alta has reported completed transactions worth US$700 million ($953.73 million) and facilitated investments into over one hundred companies.
