Perhaps companies are trying to quickly check off their yearly resolution to list on SGX before the year ends, as there seems to be a sudden uptake in companies listing.
Hot off the heels of Trans-China Automotive IPO launch just two days ago and reports that of SGX’s few SPAC listing applications by Tikehau Capita, Vertex Holdings, and Novo Tellus Capital Partners, mooring company Mooreast has on Nov 3 just submitted its preliminary offer document to SGX.
Mooreast started off servicing the offshore and marine (O&M) segment, providing mooring services to vessels. But it was in the recent years, following the nuclear incident in Japan, that the world has been transiting towards looking for cleaner, safer and more sustainable energy sources. Mooreast was then brought into testbed mooring windmills in the middle of the seabed.
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With that, comes Mooreast’s latest renewable energy division, where it will design, engineering, fabrication, supply, mobilisation and logistics, installation and commissioning services for mooring systems and mooring system components for floating wind turbine projects, offshore Solar PV projects and tidal turbine projects mainly in Asia and Europe.
Along side this division, Mooreast has its legacy mooring division, rigging and heavy lifting division, as well as marine supplies and services division, which contributes to the group’s revenue.
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As at the Latest Practicable Date, Feng Tai Investment, whose shareholders are Sim Koon Lam (60%) and Elaine Sim (40%), both of which holds 100% of the issued and paid-up share capital of the company. Accordingly, the duo are deemed interested in the shares held by Feng Tai.
Sim Koon Lam is the executive director, CEO and deputy chairman of Mooreast.
Comparing the past three years, Mooreast has shown growth in both revenue and profit, with FY2018 recording revenue of $15.0 million and profit of $3.4 million; FY2019 saw revenue of $16.3 million and a profit of $2.9 million; FY2020’s revenue was $19.7 million, while profit was $3.8 million.
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In FY2020, the group attributed its 20.5% y-o-y increase in revenue to an increase in revenue from the mooring division and contributions from the marine supplies and services division and renewable energy division, and partially offset by a decrease in revenue from the rigging and heavy lifting division.
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Moving forward, the group intends to list on the Catalist board of SGX. With the listing, it intends to develop and grow its renewable energy division, expand and upgrade its current facilities, as well as expand and diversify its products and services offerings and capabilities.
W Capital Markets is the sponsor, issue manager and placement agent -- the first IPO handled by this homegrown corporate finance firm. UOB Kay Hian is the underwriter for this IPO.
Photo: The Edge Singapore/ Albert Chua
