Soon Hock’s listing also attracted a long list of cornerstone investors. They are Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities and UOB Kay Hian, which are investing on behalf of certain high net worth clients, as well as five private investors, Deepak Lakhi Ramchandani, Gay Soon Watt, Ong Soon Liong, Toh Leong San Jack and Von Lee Yong Miang.
Industrial real estate developer Soon Hock Enterprise Holding is the latest company to join a growing roll of companies listing on the Singapore Exchange (SGX) this year, with plans to sell $48.1 million worth of shares to fund further development projects while allowing executive chairman Tan Yeow Khoon to cash in on some.
A total of 83 million shares, comprising 18.8 million placement shares and 2.8 million for the public, will be sold at 58 cents each. The shares sold will also include 16.6 million from chairman Tan. This marks his second listing; he was previously the executive chairman of logistics company Cogent Holdings, which was taken private by Cosco Shipping for $488 million, nearly seven times higher than its 2010 initial public offering (IPO) valuation of $70 million, executive director and CEO Walter Tan Min Loon points out.
