Metrocon closes at S$0.235, 17.5% above placement price on SGX Catalist debut
The Singapore geotechnical engineering company completed a reverse takeover of Catalist-listed Hatten Land earlier this year
Metrocon Holdings Limited, a geotechnical engineering firm based in Singapore, successfully closed trading on Tuesday (Sep 15) at S$0.235, marking a 17.5% increase from its placement price of S$0.20 on its debut on the Singapore Exchange (SGX) Catalist. The company opened trading at S$0.23, peaking at S$0.295 throughout the day. Approximately 8.5 million shares changed hands during this time.
Metrocon, specializing in foundation works, ground improvement, and other engineering services, acquired embattled property developer Hatten Land through a S$28 million reverse takeover. This acquisition enabled Metrocon to list without undergoing an initial public offering. The company lodged a circular related to the acquisition on Jun 30 and also completed a compliance placement of S$4.6 million, which will be utilized to meet working capital demands and support its growth objectives.
In 2025, Metrocon reported a revenue of S$61.1 million, a significant increase from S$23.6 million in 2023. As of Jun 30, the company's order book stood at S$85.3 million for the following 24 months. Additionally, Metrocon had a gross profit margin of 11.4% at that time.
Before entering judicial management, Hatten Land, the property arm of Malaysia's Hatten Group, was responsible for notable projects such as the unfinished Harbour City waterfront mixed development in Melaka, along with unsold residential and commercial units in other developments within the state.
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