Hatten Land opens trading debut on Catalist at 29.5 cents

HATTEN Land, a property developer with a niche focus in Malaysian state Malacca, opened its maiden day on Singapore's Catalist at 29.5 Singapore cents on Tuesday.

At 12.22pm, the counter was up 1.5 Singapore cents or nearly 6 per cent at 28.5 Singapore cents after hitting an intraday high of 30 Singapore cents.

It has turned up as the eight most actively traded stock with some 34 million shares worth nearly S$10 million done so far.

Hatten Land, the property development arm of Hatten Group, was co-founded by siblings Colin Tan, the firm's chairman and managing director and Edwin Tan, its deputy managing director.

The firm which launched a reverse takeover of VGO Corp last year has projects spanning from integrated residential, hotel and commercial developments largely focussed in Malacca.

"Besides our current portfolio of four key assets valued at RM1.9 billion, Hatten Land has access to over 20 prime land bank and development rights for future development. The access to the capital market offers us significant impetus to pursue our next phase of growth," said Mr Colin Tan in a statement issued by the Singapore Exchange in conjunction with its trading debut.

With a market capitalisation of about S$393 million, the listing of Hatten Land brings the total number of real estate companies listed on SGX to 55, with a combined market capitalisation of S$90 billion, and the total number of companies listed on Catalist to 189, with a combined market capitalisation of S$11 billion, said SGX.