Keong Hong’s IPO fully subscribed despite cloudy economic outlook

SINGAPORE : Keong Hong Holdings 5TT.SI says its Initial Public Offering (IPO) on the Singapore Exchange (SGX) Catalist has been fully subscribed despite the cloudy global economic outlook.

The IPO, comprising 27 million new shares at an issue price of S$0.24 each, was fully placed out to institutional and private investors raising approximately S$6.48 million.

In a statement, Mr Ronald Leo, Chief Executive Officer of Keong Hong, said: “Given the recent market volatility and the concerns over the Eurozone crisis, we are pleased with and encouraged by the enthusiastic response from institutional and private investors to our IPO. This bears testimony to the investment community’s confidence in Keong Hong and our growth prospects.”

Mr Leo added that the company will continue to leverage on its core strengths to branch out to new horizons.

Keong Hong provides a broad range of building construction services to both private and public sectors for residential, commercial, industrial and institutional projects.

The company plans to channel about S$1.5 million of the net proceeds from the IPO for mergers and acquisitions, with the remaining net proceeds to be used for general working capital purposes.

Keong Hong says it aims to expand its revenue streams in the residential, hotel and commercial sectors in Singapore and overseas through acquisitions, investments, strategic alliances and joint ventures.

Listing and trading of Keong Hong’s shares is expected to commence at 9.00 a.m. on December 16 on SGX Catalist

adapted from Channelnewsasia

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