Archive for category: Misc

Soon Hock Enterprise Holding, a leading industrial real estate developer, is set to raise $48.1 million in funds through an upcoming initial public offering (IPO) on the Singapore Exchange’s Mainboard.The company plans to sell a total of 83 million shares at a price of 58 cents each, with 18.8 million placement shares and 2.8 million shares available for the public. Founder and executive chairman Tan Yeow Khoon will also be offering 16.6 million of his existing shares at the same price.In addition, Soon Hock has secured agreements with several cornerstone investors, including Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities, and UOB Kay Hian on behalf of certain high net worth clients. It has also received commitments from five private investors: Deepak Lakhi Ramchandani, Gay Soon Watt, Ong Soon Liong, Toh Leong San Jack, and Von Lee Yong Miang.The cornerstone investors will be subscribing for 61.4 million new shares, worth a total of $35.6 million. It is anticipated that Soon Hock will raise $34.6 million in net proceeds from the IPO process.According to the preliminary prospectus, the funds raised will be used to acquire new land sites and buildings for development and redevelopment. It will also partly finance the cost of the company’s existing property developments and redevelopment projects, including its two ongoing projects, Stellar@Tampines and Skye@Tuas. The TOP for Stellar@Tampines is expected in the first quarter of 2026, while Skye@Tuas is set to receive its TOP in the first quarter of 2027.Upon completion of the IPO, Soon Hock will have a total of 310.6 million shares and a market capitalisation of $180.1 million.The company also plans to recommend and distribute dividends of at least 25% of its net profit after tax from its listing date to Dec 31, 2020, and for the year ending Dec 31, 2026.Executive director and CEO Tan Min Loon says, “Having successfully delivered industrial projects with a combined GDV of over $1 billion, our group is well-positioned to take advantage of Singapore’s status as a leading economic hub in the region. This has led to a rise in demand for modern, high-quality industrial properties.”He adds that the company expects demand for factories, warehouses, and worker dormitories to remain strong due to ongoing infrastructure projects such as the Tuas Mega Port and Singapore’s strategic location as a logistics hub.The IPO is set to close at 12pm on Oct 14, with trading of the shares beginning at 9am on Oct 16.

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