Straits Asia Resources Listed on the SGX
Jim Dracopoulos was Chief Financial Officer (CFO) for Straits Asia Resources Limited, and was responsible for all of the financial, commercial, trading and marketing activities for this endeavour. He reported to the Straits Resources CEO in Australia until October 2006, then to the CEO of the newly listed entity in Singapore, David Toms.
David Toms commented that Straits Asia has paved the way in the minerals and mining sector on the Singapore Exchange, and that they were very pleased with the investor and the broader market support since listing.
The IPO for Straits Asia was an outstanding success, with the company announcing:
Singapore, 1 November 2006 - Straits Asia Resources Limited ( Straits Asia or the Company), a resource development and mining group in the Asia Pacific region, is pleased to announce that the Company s initial public offering has been well received, attracting strong interest for both the International Offering and the Singapore Public Offer (together the Combined Offering ). Straits Asia is believed to be the first mining company to be listed on the Singapore Exchange Securities Trading Limited (the SGX-ST )
At the Offering Price of S$0.60 per Offering Share, Straits Asia received applications and indications of interest amounting to approximately 1.1 billion shares, or approximately 3.6 times the 320 million Offering Shares offered for sale by Straits Resources Limited, through its subsidiary Straits Bulk and Industrial Pty Ltd (the Selling Shareholder )
In November 2006, Straits successfully listed its subsidiary, Straits Asia Resources Ltd (SARL) is a listed subsidiary of Straits Resources Limited, a Perth based resource company. The Sebuku coal mine, along with a number of energy and infrastructure-related assets, were vended into the subsidiary. Straits retained a 60.4% holding within SARL, which at January 2007, had a market capitalisation of approximately $ 680 million.