Reclaims Global launches Catalist IPO at 23 S cents per share

ECO-friendly construction service provider Reclaims Global launches on Friday its initial public offering of 20 million shares at S$0.23 each.

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.

The group believes its growth will be driven by domestic growth in public infrastructure works, boosted by Singapore's projected population increase to about 6 million by 2020 and upcoming public housing developments and infrastructure projects like Changi Airport Terminal 5 and the Cross Island MRT line.

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

Source: News Formal (newsformal.com)

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