Reclaims Global Limited (RGL), which specialises in recycling construction and demolition waste, has filed a preliminary prospectus with the Singapore stock exchange for a listing on its Catalist board.
The full details of the pricing, amount of share issuance, and dates are not finalised yet. SAC Capital Private Limited is the sponsor, issue manager, underwriter and placement agent for the IPO listing.
The company plans to use the net proceeds from its IPO to fund its expansion plans and enhance its recycled product range. It is also planning to explore joint ventures (JVs) and strategic alliances.
Its business is divided into three main segments, recycling, excavation services, and logistics and leasing.
The company disclosed in its prospectus that its order book for the excavation services segment amounted to approximately S$8.1 million ($6.01 million), which would be recognised as revenue for the Group up to the financial year ending January 31, 2021.
For the full-year 2018 ending January 31, 2018, the total revenues came in at S$27.54 million, or a year-over-year (YoY) decline of 7.5 per cent, while full-year net profits after tax for FY 2018 came in at S$3.2 million, or a YoY decline of 13.1 per cent.
Similarly, for the latest half-year financial results ending July 31, 2018, the company saw total revenues declining by 6.2 per cent YoY to S$13.11 million. However, it suffered a net loss after tax of S$92,000 during the period.
The company is currently headed by two majority shareholders, Chan Chew Leh, and Tan Kok Huat. Both the executive directors collectively hold a direct stake of approximately 45 per cent of the company’s total issued share capital of S$15.33 million.