Soilbuild soars 56% on debut, tops volume

Shares in construction company Soilbuild Construction Group jumped as much as 56% on its debut in Singapore and were the top traded.

Soilbuild rose to a day high of $0.39 from its offer price of S$0.25. The company had offered 168 million new shares to raise nearly $40 million, mainly to replenish working capital, it said in its prospectus.

Soilbuild said it had won two contracts in Myanmar and expects to further expand in the country that has opened up for foreign investors after decades of isolation.

Based on Monday’s price, the company has a total market value of about $259 million.

Source – TheEdge : 27 May 2013

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