Metrocon Pte. Ltd. is set to become a listed entity on the Singapore Exchange (SGX) following shareholder approval of a reverse takeover valued at S$28m. The approval was granted during an extraordinary general meeting, marking a significant step for Metrocon as it aims to leverage the SGX platform for growth.
The reverse takeover involves the acquisition of Metrocon’s entire issued share capital by Hatten Land Limited, which is under judicial management. Upon completion, the company will be renamed Metrocon Holdings Limited, reflecting its focus on geotechnical foundation engineering. The transaction will be satisfied through the issuance of 107,705,689 shares to LBD Engineering Pte. Ltd. at S$0.26 per share.
Metrocon plans to use the proceeds from a Compliance Placement to support its growth initiatives, including upgrading its contractor status and expanding its workforce. The company aims to capitalise on Singapore’s robust construction sector, which is projected to see demand between S$47b and S$53b in 2026.
Alvin Lim, Founder and Non-Executive Non-Independent Chairman, expressed gratitude for the shareholder support, stating, “This is a significant step in Metrocon’s journey towards becoming an SGX-listed company.” CEO Tan Kean Seng added, “With the support of the capital markets following our listing, we will be able to accelerate our strategic plans.”
Metrocon’s strong financial performance in FY2025, with a 67.46% revenue increase to S$61.07m, underscores its readiness for this new chapter. The company is poised to seize opportunities in Singapore’s construction pipeline, supported by a healthy order book and experienced management.
