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Update: Debutant Pacific Star Development up 15% from pre-trading price
PACIFIC Star Development, which just transferred to Singapore Exchange's (SGX) Catalist board and started trading on Thursday, was up 15 per cent from its pre-trading price.
After opening at 33 Singapore cents, from a pre-trading price of 26.5 cents following a one-to-three stock split, the stock fell to 30 Singapore cents as at 2.56pm, with a volume of 701,500 shares.
The property developer's transfer to Catalist follows the completion of a reverse takeover (RTO) by LH Group, which effectively serves as a backdoor listing for Pacific Star Development.
Since branching out from a real estate investment manager into development, Pacific Star Development's projects on hand include Puteri Cove Residences and Quayside in Iskandar Malaysia, and The Posh Twelve in Bangkok that target young and affluent middle-class home buyers.
Group CEO and managing director Glen Chan said: "We aim to expand upon our brand equity in the (Asean) region and validate the enthusiastic support we have received from the investment community."