Stock Exchange Joins Forces to Lure Investment
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The Australian Stock Exchange (ASX) this week unveiled a pilot joint venture with several Australian financial institutions to boost capital investment in potential high-growth domestic companies.
In this venture the ASX will work with six business advisers registered with its Internet-based capital-raising vehicle Enterprise Market (e.m), including domestic financial services group Ord Minnett, accounting firm William Buck, and corporate advisers Pacific Capital Corp., and Australia's Commonwealth Bank.
e.m was designed last year to help non-listed companies raise up to AUS$5 million (US$3.2 million) capital without the expense of preparing a prospectus. More than 200 corporate and financial advisers across Australia have registered with the service.
According to ASX managing director Richard Humphry, e.m has facilitated more than AUS$20 million (US$13.2 million) capital from private investors, with an average of around AUS$1.5 million (US$990,000) per business.
Details of this latest e.m project are currently being finalised and should be announced in September.