Crushed-limestone producer GCCP launches Catalist IPO

Singapore

MALAYSIA-BASED crushed-limestone producer GCCP Resources Limited launched its initial public offering (IPO) on Monday for a Catalist listing on Singapore Exchange (SGX).

CEO Alex Loo, who will hold a combined direct and deemed stake of close to 54 per cent post-placement, has committed to a moratorium of up to three years governing disposal of his holdings. He said: "I am quite confident in (GCCP's) product. There's a shortage in the market for limestone. Due to its extensive applications and the fact that demand is generally driven by necessity and not economic cycles, the price of calcium carbonate (limestone) has remained relatively stable over the years."