(EnergyAsia, October 31 2012, Wednesday) — Shares of fabricating and engineering firm Triyards Holdings and Indonesian coal miner Geo Energy Resources Ltd have performed well since their trading debut on the Singapore Exchange less than two weeks ago.
Triyards began trading on October 18 after it was spun off as a form of dividend by Singapore-listed Ezra Holdings Limited (Ezra) to shareholders. They received one Triyards share for every 10 Ezra shares held.
Ezra still owns about two thirds of Triyards which closed its first trading day at S$0.92 a share, up from an opening price of S$0.80.
Triyards CEO Wong Bheet Huan said: “This listing will enable us to build up our brand further and exploit growth opportunities that will propel us forward in our journey to becoming a world-class provider of engineering and fabrication solutions to the offshore sector.”
Geo Energy, whose retail offering was oversubscribed by 184 times, closed at S$0.43 on its debut on October 19, up about a third from the IPO price of S$0.325.
The company, which operates in East Kalimantan, will use the net proceeds of US$63.7 million to acquire mining equipment and machinery and construct jetty and barge loading facilities as well as undertake business expansion including acquisitions, joint ventures and strategic alliances.
Charles Antonny Melati, Geo Energy’s executive chairman, said: “We would like to thank the public and the institutional investment community for the strong support we have received from them, leading to the success of our IPO. This listing is a major milestone for the group.”
“We are delighted that Geo Energy, a regional minerals company, has chosen SGX as its preferred listing platform to expand their business. Demand for resources such as coal is expected to stay strong, and we look forward to companies like Geo Energy coming to SGX for capital raising and expansion,” said Lawrence Wong, SGX’s Head of Listings.
With a market capitalisation of S$376 million, Geo Energy brings the total number of SGX-listed mineral, oil and gas companies to 15 valued at a total of S$5.2 billion.