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First Sponsor files preliminary prospectus for SGX listing

China-based property group First Sponsor Group has lodged its preliminary prospectus with the Monetary Authority of Singapore, for a listing on the mainboard of the Singapore Exchange (SGX).

SINGAPORE: China-based property group First Sponsor Group has lodged its preliminary prospectus with the Monetary Authority of Singapore, for a listing on the mainboard of the Singapore Exchange (SGX).

The Chinese real estate group is focused on residential and commercial properties in second-tier cities in China.

Its core operating segments are in property development, property holding and property financing.

First Sponsor plans to issue 54.05 million shares at an indicative price range of between S$1.50 and S$1.60 per share.

Separately, cornerstone investors have agreed to subscribe to 9.75 million shares.

First Sponsor hopes to raise gross proceeds of about S$98.9 million which will mostly be used to fund new projects and developments.  

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