Source : The Straits Times, Dec 29, 2007
PROPERTY and hotel group Roxy-Pacific Holdings, which owns the Grand Mercure Roxy Hotel in Marine Parade, is seeking a listing on the Singapore Exchange.
The 40-year-old developer lodged its preliminary prospectus yesterday, saying that the proposed mainboard listing would enhance its image in Singapore and allow it to expand its operations.
It plans to offer 160 million shares, comprising 152 million placement shares and eight million public shares, underwritten by Hong Leong Finance.
Nine million of the placement shares will be reserved for subscription and/or purchase by one of its executive directors, Mr Koh Seng Geok, as well as other people who have contributed to the company's growth.
Of the 160 million shares intended for the offering, 128 million are new shares.
Roxy-Pacific Holdings, formerly known as Soon Nam Company, built the 12-storey Maxwell House in Tanjong Pagar.
In recent years, it has been actively developing various projects in the east of Singapore, such as the Veranda in Telok Kurau and Martia Residence in Martia Road, as well as The TreeLine, The Nclave and St Patrick's Loft.
The cost of land for its recent and current projects ranges from $5 million to $25.5 million. The number of homes that can be built on each site ranges from 15 to 70.
The company plans to use about $15 million of its net proceeds from the invitation to expand its property development business, and another $10 million to improve Grand Mercure and maintain or upgrade its properties in Roxy Square Shopping Centre.
For the financial year ended December 2006, the company booked $48.8 million in revenue - a 58 per cent jump from the previous year - and its net profit attributable to shareholders grew by 150 per cent to hit $4.8 million.
Its basic earnings per share more than doubled to 1.02 cents in the same period, while its net asset value per share stood at 7.26 cents.
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