Xyec is first Japan company to list in Singapore

SINGAPORE (AP) -- The first Japanese company to list on Singapore's stock market began trading in its shares Wednesday.

The share price of Xyec Holdings Co. reached 34 Singapore cents, a big premium to its implied value before the stock market listing.

The company, which provides engineering and IT services to manufacturers including an affiliate of Toyota Motor Corp., sold 25 million shares for S$0.26 each as part of going public.

It is trading on Singapore's Catalist market for up-and-coming companies.

Xyec CEO Manabu Koboyashi says in a statement that Singapore has well developed financial markets and is an important center for global manufacturers.