Swee Hong Shares Soar on SGX Debut

Shares of civil engineering firm Swee Hong Limited gained strongly on Wednesday, up 22 per cent on its trading debut at the Singapore Exchange in a weaker broader market.

The shares closed S$0.275 compared to an offering price of S$0.225, while the benchmark index fell by 1.5 per cent.

Swee Hong sold 97.8 million shares, of which 68.5 million were new shares, during the initial public offering.

DMG & Partners Securities Pte Ltd and China Construction Bank Corp were the joint issue managers and underwriters.

Swee Hong has been involved in several major projects such as the Gardens by the Bay Project and Stamford Canal Project.

The group said it aims to expand into construction businesses and increase its presence beyond Singapore.

The Straits Times Index, meanwhile, fell 43.33 points to end at 2,780.42, in line with regional bourses amid concerns over Greece’s possible exit from the eurozone.

Greece’s former premier Lucas Papademos on Tuesday had warned there was a chance his country will exit the eurozone.

Volume was 1.35 billion shares. Losers led gainers 296 to 92.