MEDICAL supplies company Pasture Holdings is offering 20 million placement shares at S$0.25 apiece as it seeks a listing on the Catalist board of the Singapore Exchange (SGX).

The company will raise gross proceeds of S$5 million and net proceeds of around S$3.1 million from the placement.

The 20 million placement shares represents around 15.2 per cent of the company’s share capital of 132 million shares immediately after completion of the placement.

Based on the offer price of S$0.25, the company would have a market capitalisation of S$33 million.

Pasture is a pharmaceutical products and medical supplies and devices company based in Singapore. According to the product highlights sheet lodged to the Singapore Exchange, the company is “primarily a business-to-business and business-to-government goods and services provider”.

Its major customers are distributors of pharmaceutical products and medical supplies and devices, as well as governments and institutional customers such as hospitals, pharmacies and other healthcare institutions.

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Pasture’s core business comprises segments including mask and medical supplies and pharmaceutical wholesale and drop-shipment.

The group reported net profit of US$2.5 million for the financial year ended June 2022, up from US$1.6 million in FY21, according to its audited financial statements. Revenue in FY2022 grew to US$15.1 million, up from US$13.2 million in FY2021.

As at June 30, 2022, the company had total assets of US$7.6 million and total liabilities of US$5.9 million, according to its audited financial statements.

Shares of Pasture are expected to commence trading on June 9.

Pasture’s debut on the SGX this year follows the Catalist listings of YKGI in February and Ever Glory United Holdings last month.