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Mining company Silkroad Nickel debuts on Catalist at S$0.30 apiece
SILKROAD Nickel on Monday made its debut on the Singapore Exchange's (SGX) Catalist board, opening at S$0.30 apiece.
The mining company was listed via the reverse takeover of suspended cash company China Bearing (Singapore) by Singapore-incorporated Far East Mining's wholly owned subsidiary, FE Resources.
The stock last traded at S$0.26 before its suspension in 2015.
As at 10.05am on Monday, Silkroad Nickel was trading at S$0.35 apiece, up 34.6 per cent or nine Singapore cents.
Based in Indonesia, the group has the mining business licence to carry out nickel ore mining operations in Sulawesi, Indonesia.
Said Silkroad Nickel CEO and executive director Hong Kah Ing: "We aim to generate sustainable returns to our shareholders by progressively ramping up our production capacity with investments in equipment, infrastructure and people, with the addition of eventual export sales of our nickel ore."
Added Mr Hong: "We plan to explore the remaining area of our mining concession area so as to map out the next phases of growth and to identify new concession areas for future acquisitions."
Meanwhile, head of equity capital market (SME) and head of capital market development at SGX, Mohamed Nasser Ismail said: "We are pleased to welcome Silkroad Nickel to SGX Catalist, the first nickel mining company listed on SGX, further expanding our mineral, oil and gas offerings, and allowing new and existing investors to tap into the growth opportunities in the mining industry in Indonesia."
With a market capitalisation of about S$92 million, the listing of Silkroad Nickel brings the total number of mineral, oil and gas companies listed on the SGX to 26, with a combined market capitalisation of more than S$2.5 billion.