Triyards Holdings makes strong trading debut on SGX
Triyards Holdings, a spin-off from Ezra Holdings' fabrication division, had a sparkling debut on the Singapore Exchange on Thursday, Channel News Asia reported.
The stock rose 15 per cent from its opening price of S$0.80 to close at S$0.92.
A total of 31.3 million shares changed hands.
Triyards, a fabrication and engineering solutions provider to the oil and gas industry, was wholly-owned by Ezra before the listing.
The listing of Triyards was by way of introduction, where Ezra distributed Triyards shares as dividends in specie to shareholders on the basis of one Triyards share for every 10 Ezra shares held.
After the share distribution, Ezra remains a substantial shareholder in Triyards, holding a 67 per cent stake.
In a statement to the Singapore Exchange, Triyards said its orderbook stood at US$613.1 million (S$747 million) as at end-August 2012.
"This listing will enable us to build up our brand further and exploit growth opportunities that will propel us forward in our journey to becoming a world-class provider of engineering and fabrication solutions to the offshore sector," said Wong Bheet Huan, CEO of Triyards Holdings.
Meanwhile, Ezra shares fell 1.3 per cent to S$1.17 on Thursday.
