Hot stock: ProsperCap rises 15.8% on Catalist debut
Mia Pei
SHARES of ProsperCap Corporation , formerly known as 3Cnergy, rose 15.8 per cent in early trading on Friday (Jan 26).
As at 9.29 am on the day of its trading debut, the counter had gained S$0.03 to reach S$0.22 with 47.1 million shares changing hands. The last time the counter traded at this level was on Jan 4.
The listed entity was renamed following completion of a reverse takeover deal with Thai conglomerate DTGO, which involved 3Cnergy acquiring a portfolio of hospitality assets in the UK.
Completed this month, the deal involved 3Cnergy acquiring DTP Infinities from DTP Inter Holdings for S$443.8 million worth of new shares. The company issued 1.34 billion new shares at S$0.33 each.
DTGO now has an 84.8 per cent stake in ProsperCap, which now has a market capitalisation of just over S$350 million.
For the six months ended Jun 30, 2023, DTP Infinities’ hospitality portfolio registered a net profit of about £27.8 million (S$47.4 million).
Catalist-listed 3Cnergy had previously owned three parcels of land in Malaysia. After selling this land in 2022, the company had been on the lookout for new business opportunities.
Iqbal Jumabhoy, chief executive officer and executive director of ProsperCap, commented on the debut: “The group intends to leverage the extensive network of the DTGO Group, as well as its relationships with third parties, to acquire currently operational and revenue-generating hospitality or lodging assets such as hotels, serviced apartments, or purpose-built student or worker dormitories all over the world.”
Shares of ProsperCap closed 15.8 per cent or S$0.03 higher at S$0.22 on Friday.
Copyright SPH Media. All rights reserved.
