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Wee Hur at $0.25
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zhuge_liang
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24-Jan-2008 20:43
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Wee Hur, a building contractor launched its IPO of about 83.65m shares at $0.25 each. The shares comprise about 78.91m new shares and 4.74 vendor shares. The company, which is seeking a mainboard listing, plans to use the estimated $17.8m net proceeds of the IPO to fund projects. For the last 3 financial years, Wee Hur's revenue grew from $48.1m in FY2004 to $80.6m in FY2006, with net profit rising from $1.7m to $2.8m. Wee Hur's executive chairman and managing director Goh Yeow Lian said he believes the IPO subscription "will be good" given the current construction boom and the company's proven track record. He added that even during the slump in the construction industry, Wee Hur was always in the list of preferred contractors and remained profitable. Mr Goh sees construction as the main growth area for the company, and has no immediate plans for expansion. The IPO, which is jointly lead-managed by SBI E2-Capital Asia Securities and Philip Securities, closes on Jan 28. The shares are expected to begin trading on Jan 30. |
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