GCCP Resources aims to raise $20.8m from listing on SGX Catalist

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.

Also Read : LHN raises S$17m from IPO in Singapore’s first listing in 2015

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.