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MALAYSIA'S crushed limestone producer GCCP Resources said on Monday it has launched its initial public offering (IPO) on the SGX Catalist board.
The IPO comprises 122 million new shares at 23 Singapore cents each. The company will raise about S$28.1 million through the offering. The shares are offered only by way of placement.
The group plans to use the proceeds to build a calcium carbonate crushing plant and a calcium carbonate powder production plant at one of its two quarries located in Ipoh, in the state of Perak.
GCCP is in the business of quarrying and processing calcium carbonate. Its quarries, namely the Gridland Quarry and Hyper Act Quarry, have been accorded a fair market value ranging from US$170 million to US$580 million, and a preferred value of US$310 million.
"26.3 million tons, or about 15 per cent, of the total measured and indicated resources has been classified as proved and probable reserves. Over time, with more exploration and quarrying activities, the resources could be converted into reserves, resulting in a possible change in valuation," it said.
Trading of its shares is expected to commence on April 30, 2015. PrimePartners Corporate Finance is the issue manager, sponsor and placement agent of this IPO.