JAKARTA (TheInsiderStories) – Indonesia’ coal trader and shipping operator, Resources Global Development Pte. Ltd. (QSD) list it shares at Singapore Stock Exchange (SGX) catalist board today (01/31). The company has offered 15 million shares for its initial public offering (IPO) with price at S$0.20 US$a share.
From the IPO, the operator raised S$3 million (US$2.21 million). Net proceeds from the IPO will be used for general working capital purposes, according to the company’ final offer document lodged on Jan. 14.
Francis Lee, CEO of Resources Global, said, “We will tap our listing status to further augment our operations and footprint as we chart new growth.”
While, Mohamed Nasser Ismail, head of equity capital markets, SGX, stated, “Indonesia is a dominant player in the production of commodities in Southeast Asia, amid rising population and consumption in the region.”
Resources Global‘ customers mainly are coal traders, who procure thermal coal for domestic end-users operating in various industries, including nickel smelting and cement manufacturing.
During last year, the firm secured fixed term coal sale contracts from customers for aggregate sales of up to 1.5 million tons (MT) of coal and fixed term coal purchase contracts from suppliers for aggregate supply of up to 1.9 MT of coal. Resources Development also provide chartering services of tugboats, barges and bulk carrier to transport coal within the Indonesian territories.
With a market capitalization of about S$18 million, the listing of the trader brings the total number of commodities companies listed on SGX to 32 with a combined market capitalisation of around S$42.5 billion. There are now 217 companies listed on catalist board, with a combined market capitalization of about S$9 billion.
According to Indonesia Stock Exchange (IDX) data, there are more than 50 companies that seek profits in Indonesia but register their shares in other countries. The companies lists their shares in Singapore, Malaysia, China, and Australia.
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