Hot stock: Newly listed GCCP Resources hits high of 19.4 S'pore cents before easing

GCCP Resources, which made its trading debut on the Catalist board of the Singapore Exchange (SGX) on Thursday, rose to a high of 19.4 Singapore cents before easing to 18.2 cents later in the morning.

The counter, which opened at 18 cents, also saw a low of 17.5 cents in morning trading.

By 11.08am, some 15.19 million shares had changed hands.

GCCP is principally engaged in the business of quarrying and processing limestone in Malaysia for sale. Under the IPO, the crushed calcium carbonate producer sold 122 million new shares at 23 cents each.

Alex Loo, executive chairman and chief executive of GCCP, said: "Demand for calcium carbonate has been consistently healthy because of its diverse industry applications. We are thus looking forward to leveraging our growth strategy to meet such demand and create good value for our new shareholders."

Mohamed Nasser Ismail, head of SME development and listings at SGX, added: "GCCP is the 17th mineral company to be listed on SGX. We look forward to further partnering the company in its growth."

The listing of GCCP brings the total market capitalisation of SGX-listed mineral companies to S$2.2 billion, and the total number of companies in the mineral, oil and gas sector to 27 with a combined market capitalisation of S$4.2 billion.