Capital World slips on Catalist debut

MALAYSIAN property developer Capital World slipped on its debut on the Catalist board on Friday, its shares having lost 7.14 per cent or S$0.014 to close at S$0.182 apiece.

Capital World opened at S$0.198. It listed by a reverse takeover (RTO) of marble company Terratech Group.

The Johor-based company has a market value of more than S$250 million. It is developing a shopping mall in Johor Baru called Capital 21 and a wellness hub in Perak, Singapore Exchange (SGX) said in a press release.

The stock rose S$0.002 or one per cent to S$0.20 shortly after market opened, but saw a somewhat steady decline after which it fell to a low of S$0.179 at 2.20pm. At market close, some 26.3 million units had changed hands.

Capital World executive director Siow Chien Fu said in the press release that the SGX listing provides the company with access to the capital market in Singapore, and serves as a platform with diversified financing options to fund its future growth.

He added: "This is the beginning of our growth phase as we strive to establish a global brand and deliver greater value to our shareholders."

The total number of companies listed on Catalist, SGX's junior board, is 192. Collectively, these companies have a market capitalisation of more than S$12 billion.

The total number of real estate entities listed on SGX is now 98, with a combined market capitalisation of more than S$170 billion.