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Marble producer Terratech Group launches IPO

This will make it the first marble producer in the mineral, oil and gas sector to be listed on the SGX.

SINGAPORE: Marble producer Terratech Group has launched its initial public offering (IPO) for a listing on the Catalist board. This will make it the first marble producer in the mineral, oil and gas sector to be listed on the Singapore Exchange (SGX).

Under the IPO, Terratech is offering 108.7 million placement shares at 23 cents each. They comprise 43.5 million new shares and 65.2 million vendor shares.

The group, which operates at the Kelantan Marble Quarry in Malaysia, is expected to have a market capitalisation of almost S$142 million when listed. The IPO is expected to raise gross proceeds of about S$25 million.

Terratech plans to use the IPO proceeds to improve its production capabilities, so as to capitalise on strong demand from key markets. The group cites growth prospects in China, with increased urbanisation, and rising demand from higher end hotels and residential buildings.

The IPO opens on Monday (July 21) and will close at noon on Friday (July 25). Terratech is expected to make its trading debut at 9am on July 30.

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