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PEC Ltd Opens At S$0.705 Vs
S$0.40 IPO Price On SGX Debut
07/08/2009
SINGAPORE (Dow Jones)--Shares of PEC Ltd.
(IX2.SG) opened Friday at S$0.705 on their debut
on the Singapore Exchange, 76.3% higher than
their initial public offering price of S$0.40.
This is the seventh IPO in Singapore this year
as well as the first mainboard listing for the
exchange in 2009.
The Singapore-based engineering contractor for
oil and gas and drug sectors sold 63 million new
shares.
PEC raised S$21.2 million in net proceeds from
the share offer. It plans to use that money to
build a fabrication plant in the Middle East,
buy new equipment, repay loans and fund
expansion through strategic alliances or joint
ventures.
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