Ever Glory United Holdings Limited, a Singapore-based mechanical and electrical engineering service provider, has successfully completed a placement of 31 million new ordinary shares, raising approximately $17.05m. The shares were issued at $0.55 each, representing a 7.72% discount to the volume weighted average price of $0.596 on the Singapore Exchange on 22 August 2025.
The placement attracted significant interest from institutional and accredited investors, including ICHAM Master Fund, Amova Asset Management, Lion Global Investors Limited, Ginko-AGT Global Growth Fund, Asdew Acquisitions Pte Ltd, and Azure Capital Pte Ltd. This strong participation reflects investor confidence in Ever Glory’s strategic direction and growth potential.
The funds raised will be used for general working capital and to partially pay for the acquisition of Guthrie Engineering (S) Pte. Ltd. Vincent Toe, co-founder of ICH Group, highlighted Ever Glory’s strong fundamentals and growth trajectory, particularly in relation to Singapore’s infrastructure projects. “Ever Glory fits this profile perfectly; it’s a fundamentally sound business with a clear growth trajectory,” he stated.
Xu Ruibing, Executive Director and CEO of Ever Glory, expressed gratitude for the investor support, noting the placement’s success as a testament to the company’s robust business model. “We see significant opportunities ahead, especially with our acquisition of Guthrie Engineering,” he said, emphasising the company’s strengthened position in the M&E engineering sector.
CGS International Securities Singapore Pte. Ltd. acted as the sole placement agent for the transaction.
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