Alpina IPO fully subscribed; Mah Bow Tan among substantial shareholders

INTEGRATED building services provider Alpina Holdings announced on Thursday (Jan 27) that it has raised approximately S$8.1 million in net proceeds for the company from the full subscription of its 37 million placement shares.

Former minister for National Development Mah Bow Tan, Lim Theng Sian, Pheim Asset Management as well as Beh Sim Lim and Bico Holdings subscribed to 8.7 per cent of the placement shares each, while former Tanjong Pagar Constituency Member of Parliament Chong Weng Chiew, Eternal Glade Investment and Polos Capital each subscribed to 5.1 per cent of the placement shares.

The Singapore-based company had earlier announced that it would sell 37 million shares priced at S$0.31 each; 32 million of the shares were new, and 5 million belonged to the controlling shareholders of the company. The placement raised gross proceeds of S$11.5 million. S$8.1 million in net proceeds went to the company, and another S$1.6 million in net proceeds went to the company's controlling shareholders.

The controlling shareholders of Alpina are executive chairman and chief executive officer Low Siong Yong and executive director Tai Yoon On. The pair founded the company in 2003; Low held 55 per cent, and Tai, 45 per cent of the issued share capital in the company before the placement.

After the placement, Low and Tai will hold approximately 44 per cent and 36 per cent of the issued share capital in the company respectively.

Low said that the warm reception of its shares by investors underscores the strength of the group's business fundamentals.

"Our listing on Catalist serves as a strategic platform to enhance the visibility and image of our Group as we push forward with our efforts to expand our existing business, as well as strengthen and accelerate the extension of our integrated facilities management services," he said.

The company will list on Singapore Exchange's Catalist board and is expected to begin trading at 9 am on Friday.

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