*Official* Reclaims Global

Shion

Senior Mentor
Joined
Oct 24, 2008
Messages
320,270
Reaction score
80,692
Reclaims Global launches Catalist IPO at 23 cents a share

https://www.straitstimes.com/busine...l-launches-catalist-ipo-at-23-cents-per-share



SINGAPORE - Eco-friendly construction service provider Reclaims Global is launching an initial public offering (IPO) of 20 million shares at $0.23 each.

The offer opens at 6pm on Friday (March 1) and will close at 12pm on March 7, the company said in a media release. The shares are set to debut on the Singapore Exchange's Catalist board on March 11.

The offer comprises 19 million new shares and one million vendor shares, representing approximately 15.3 per cent of Reclaims Global's enlarged post-IPO share capital of 131 million shares. Of the 20 million shares offered, two million are available for public offer, 13 million for placement, and five million are reserved for management, staff and business associates.

Of the net proceeds of $2.76 million, $600,000 will be used to expand its operational capacity through investments in more plants and equipment and its enterprise resource planning solution. Approximately $500,000 will be used to expand its recycled product range, while $300,000 is earmarked for expansion by way of acquisitions, joint ventures and/or strategic alliances. The remaining $1.36 million will be used for general working capital purposes.

After the placement, founders Chan Chew Leh and Tan Kok Huat will remain the controlling shareholders, with each holding 38.1 per cent of the company's share capital.

Reclaims Global specialises in recycling construction and demolition (C&D) waste, customising excavation solutions and operating fleet management.

The group believes its growth will be driven by public infrastructure works, boosted by Singapore's projected population increase to about six million by 2020 as well as upcoming public housing developments and infrastructure projects like Changi Airport Terminal 5 and the Cross Island MRT line.

It also sees greater use of recycled and waste materials as mainstream building products with the advances in repurposing C&D waste and the Government's initiatives to incentivise the construction of green buildings. More companies are also being prompted by environmentally conscious end-customers to design products sustainably and recycle more of their waste.

"Over the decade, we have built a strong reputation in the building and construction industry by providing effective and timely excavation solutions to our clients," chief executive officer Andrew Chew said in a statement.

"Apart from repurposing C&D waste into recycled construction materials, we have been exploring a new growth business - which is converting organic wastes into recycled hard board that has the potential to be a sustainable replacement for plywood as a building material and as a furnishing material that is extensively used in our daily lives."

He added that part of the IPO proceeds will go to expanding operational capacity and efficiency in order to support the anticipated increase in business.

SAC Capital Private Limited is the sponsor, issue manager, underwriter and placement agent for the IPO.
 

xersion

Master Member
Joined
Apr 24, 2008
Messages
4,259
Reaction score
1
3 ipo he also never review... Busy I guess

Sent from Samsung SM-G965F using GAGT
 

xersion

Master Member
Joined
Apr 24, 2008
Messages
4,259
Reaction score
1
Cui lah.. 1.03 over subscribed and now already drop 40%

Sent from Samsung SM-G965F using GAGT
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top