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Huationg Global launches Catalist IPO to raise S$5.5m

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Singapore-based integrated civil engineering provider Huationg Global has launched an initial public offering (IPO) for a Catalist listing on the Singapore Exchange on Monday.

SINGAPORE-based integrated civil engineering provider Huationg Global has launched an initial public offering (IPO) for a Catalist listing on the Singapore Exchange on Monday.

Offering a total of 27.5 million placement shares at 20 cents each, which represents approximately 18.2 per cent of Huationg Global's post-placement share capital of 151.4 million shares, the IPO will close at noon on Friday. And trading of shares is expected to commence on Dec 9.

The IPO is expected to raise approximately S$5.5 million in gross proceeds, including net proceeds of about S$4.1 million. Some S$1.5 million will be used to explore mergers and acquisitions, joint ventures and strategic alliances.

The provider of civil engineering services for infrastructure projects and ancillary inland logistics support services, Huationg Global also sells construction materials such as the liquefied soil stabiliser (LSS).

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LSS is a backfill material that can be used to replace conventional compacted fill, and reduces both construction time and labour cost. The company hopes to introduce LSS to upcoming projects such as the Thomson MRT Line in Singapore and is currently in talks with its Malaysian counterparts to use LSS for its rail system lines.

Established in 1983, with 888 employees today, Huationg Global has been involved in civil engineering works for some stations of the Downtown Line MRT and Circle Line MRT, as well as the Kallang-Paya Lebar Expressway (KPE) and the Marina Coastal Expressway (MCE). Some of its customers include the Housing and Development Board, and the Land Transport Authority of Singapore.

Huationg Global's net profits jumped 24.7 per cent to S$4.96 million, and revenues increased 17.6 per cent to S$108.5 million for the year ended 31 Dec 2013.

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