Malaysia-based rushed calcium carbonate producer GCCP Resources said it plans to raise around $20.8 million (S$28.1 million) by selling 122 million new shares at 23 cents apiece by way of a placement, from its initial public offering.
This implies, it will garner a net of S$23.2 million for a Catalist listing on Singapore Exchange (SGX).
GCCP Resources will use the proceeds to fund the production phase of a new quarry – it plans to build calcium carbonate crushing plant and a calcium carbonate powder production plant at its Hyper Act Quarry that is situated in the Keramat Pulai Quarry Zone in Malaysia.
Post the listing, the company’s chief executive Alex Loo will own a total of 54 per cent equity stake – both direct and indirect – and Loo said he was voluntarily committed to a three-year moratorium on his holdings.
GCC is engaged in the business of quarrying and the processing of calcium carbonate by crushing the quarried calcium carbonate into varying particle sizes as required by its customers, and its business operations are principally located in Simpang Pulai, Ipoh, Perak, Malaysia.
It has one operations quarry in Gridland that has a production capacity of up to 40,000 tons of crushed calcium carbonate per month. It is currently working towards making the Hyper Act Quarry operational, in particular the construction of a crushing plant and calcium carbonate powder production plant.
The company’s shares are expected to begin trading on April 30. PrimePartners Corporate Finance is the issue manager, sponsor and placement agent.
This marks the second IPO in Singapore this calendar year. Earlier this month, real estate management outfit LHN Limited had raised S$17 million through private placements, marking the first listing in the city-state in calendar year 2015.
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