Mooreast climbs on trading debut

Singapore one-dollar bill, showing Chinese junk boatsSingapore one-dollar bill, showing Chinese junk boats

Mooreast Holdings climbed 13.6 percent on its trading debut on SGX’s Catalist board, ending Wednesday at S$0.25, compared with its initial public offering (IPO) price of S$0.22. The shares had opened trade at S$0.285.

The company is a mooring services specialist operating mainly in Singapore, with a European sales office in Rotterdam, in the Netherlands. Mooreast serves the offshore oil and gas, marine and offshore renewable energy industries, offering services including design, engineering, fabrication, supply and logistics for mooring systems and components, and provides rigging and heavy lifting equipment.

Sim Koon Lam, executive director, CEO and deputy chairman of Mooreast, said in a statement that the IPO would fund the company’s expansion plans and business shift to the offshore renewable energy sector.

Mohamed Nasser Ismail, global head of equity capital markets at SGX, said Mooreast’s listing was timely amid concerns over climate change.

“Through SGX’s listing platform, Mooreast will be able to tap on the opportunities in the rising global demand for renewable energy, floating offshore wind farms and floating solar photovoltaic farms,” Ismail said in the statement filing to SGX.

Shares from the IPO were placed with investors including Lion Global Investors, Pheim Asset Management and ICH Capital; EDBI also provided pre-IPO funding.