DLF Holdings seeking Catalist listing

A SINGAPORE-BASED mechanical and electrical engineering services and solutions service provider is eyeing a listing on the Catalist board of the Singapore Exchange.

DLF Holdings, which lodged its preliminary offer document to the bourse on Friday, intends to use part of the proceeds to explore opportunities in mergers and acquisitions, joint ventures and strategic alliances.

The initial public offering (IPO) will be by way of placement shares.

The company, whose customers include property developers, statutory boards and listed companies, did not state how much it is intending to raise through the IPO.

For the fiscal year ended Dec 31, 2017, DLF's revenue was up 15 per cent to S$21.5 million from the year-ago period. This was mainly due to an increase in sales from its turnkey contracting services segment, partially offset by the decrease in revenue of its project management services business.

Net profit for FY2017 stood at S$3.4 million, a 72 per cent increase from FY2016, as a fall in expenses helped to lift the bottom line.

The company currently does not have a fixed dividend policy. Subject to certain conditions, the directors may from time to time declare an interim dividend without the approval of shareholders.

"Our company may pay all dividends out of our profits," the document said.

PrimePartners Corporate Finance is the sponsor, issue manager and placement agent for the IPO.