IPO News - Starland Holdings Limited (PRC Property Developer

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IPO News - Starland Holdings Limited (PRC Property Developer

Postby ning7377 » Sat Apr 21, 2012 3:42 pm

PRC Property Developer :shead: ... Skip...

http://info.sgx.com/webipo.nsf/IPOByClosingDateDefault/05047BA70285E5F3482579E600109C49?opendocument


A property developer and a hotel operator launched separate initial public offerings (IPOs) Thursday, both looking to tap into the recovering equities market in Singapore.

Singaporean property developer Starland Holdings Limited priced its IPO at S$0.22 per share that will help the firm raise S$4.9 million.

Starland will list 22.2 million new shares in the Catalist board of Singapore Exchange, which represents about 15.3 per cent of its post-placement share capital of 144,733,000 shares.

At the IPO price of S$0.22, it is priced at a historical price to earnings ratio of approximately 14.2 times. The placement price also represents a discount of approximately 47.9 per cent over the adjusted NAV (net asset value) per share.

Starland plans to use the net proceeds of approximately S$3.1 million to acquire and build up its landbank for future development as well as for general working capital.

The group develops properties in China, particularly in the province of Chongqing. Starland said the demand for homes there is growing at a steady pace, especially from first time buyers and upgraders due to a rapid urbanisation rate.

Chongqing is one of China’s fastest growing economies. From 2004 to 2010, Chongqing’s GDP output grew at a compounded rate of 17.3 per cent annually. Its per capita disposable income grew at a CAGR of 12.9 per cent, and foreign direct investments grew at a CAGR of 58.5 per cent.

Starland believes that it is timely for investors to participate in its IPO, as they are coming into the group at the start of its growth path.

“With the IPO, Starland will also be able to leverage on the status as a public listed company to help boost its brand in China, which will help us facilitate business needs such as acquiring more land,” it said in a statement.

For the financial year ending 30 September 2011, Starland’s revenue reached RMB77.7 million (S$15.36 million) with a net profit of RMB9.3 million. In terms of financial position as at 30 September 2011, the group’s cash and bank balances stood at RMB11.7 million, with zero gearing.

The valuation of the group’s land bank for future developments is 3.8 times the cost of the land, which amounted to RMB339.1 million compared to the land cost of RMB87.5 million.

Starland’s placement will close at 12.00 noon on 25 April 2012 and trading of shares is expected to commence on April 27.

PrimePartners Corporate Finance is the manager, sponsor and placement agent of the IPO.


More..

BACKGROUND Starland Holdings Limited (“Company”) and its subsidiaries (“Group”) are a property developer engaged in developing quality integrated residential and commercial properties in the PRC. The Group has a vertically-integrated business model and operations with expertise to carry out various key aspects of property development and management. The Group intends to build a strong presence and brand name in developing quality integrated residential and commercial properties in Chongqing and other second and third tier cities in the PRC, which are mainly large scale, mid to high end and multi-phased projects. The Group’s business can be categorised into the following segments: Property Development The Company’s property development activities are carried out through its subsidiaries, Gangyuan Property and Tianhu Land. Gangyuan Property has obtained a Grade 3 Qualification Certificate for Real Estate Development Enterprise (房地产开发企业资质证书) in the PRC and is qualified to undertake real estate development projects with an individual GFA of up to 50,000 sq m, subject to yearly renewal. Tianhu Land has obtained a temporary Grade 3 Qualification Certificate for Real Estate Development Enterprise in the PRC with which it is qualified to undertake real estate development projects with an individual GFA of up to 50,000 sq m, also subject to yearly renewal. Property Management The Company’s property management activities are carried out through its subsidiary Gangyuan Tuowei, which is the contact point for the residents and tenants. It also takes care of the security and general maintenance of the property.
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Re: IPO News - Starland Holdings Limited (PRC Property Devel

Postby Adam » Thu Jul 26, 2012 5:49 pm

Huat Ah !!!
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