By Kenny Poon, Senior Partner, Jeff Leong, Poon & Wong
Although the Covid 19 pandemic has put a dampener on many corporate exercises, initial public offerings (IPOs) are still proceeding on track.
The recent stock market rally of rubber glove makers in Malaysia is a sure sign than investors are back from their Covid 19 induced quarantine.
Our client, Southern Alliance Mining Ltd (SAM), lodged its final prospectus with SGX earlier this week, offering 76 million placement shares at S$0.25 each for placement in its IPO.
We acted as Malaysian counsel in SAM’s IPO which is going ahead despite the ongoing pandemic.
SAM, a holding company of mining operations based in Malaysia, had to disclose in its IPO prospectus the risks related to the COVID 19 outbreak and the impact of several phases of the Movement Control Order during the period leading up to the finalisation of the prospectus.
We congratulate SAM and its dedicated team of IPO advisers, including our own lawyers, who had to conduct due diligence, attend online meetings and work from home during the MCO period to ensure the successful listing of SAM on the Catalist Market of the Singapore Stock Exchange.