The Singapore geotechnical engineering company completed a reverse takeover of Catalist-listed Hatten Land earlier this year
[SINGAPORE] Shares of Metrocon Holdings Limited (Metrocon) closed trading on Tuesday (Sep 15) at S$0.235, 17.5 per cent above its placement price of S$0.20 on its Singapore Exchange debut.
They opened trading at S$0.23, reaching an intra-day high of S$0.295, with around 8.5 million shares traded on the day.
The Singapore-based specialist in geotechnical foundation engineering completed a S$28 million reverse takeover of embattled property developer Hatten Land, which allows it to be listed without an initial public offering.
Metrocon lodged its circular related to the acquisition on Jun 30.
The group also completed a compliance placement of S$4.6 million, which will be used to fund working capital requirements and its growth plans.
The revenue of Metrocon, which specialises in foundation works, ground improvement works and other engineering services, grew to S$61.1 million in 2025 from S$23.6 million in 2023.
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As at Jun 30, Metrocon reported a gross profit margin of 11.4 per cent, and S$85.3 million in its order book for the next 24 months.
Before entering judicial management, Hatten Land was the property arm of Malaysia’s Hatten Group.
Its portfolio featured the Harbour City waterfront mixed development in Melaka, work on which has since stalled and remains unfinished, along with unsold residential and commercial units in other developments in the state.
