Company Briefs: Fortress Minerals

Fortress Minerals

Catalist-listed Fortress Minerals opened at 22 cents on its trading debut yesterday, up 10 per cent from its initial public offering (IPO) price of 20 cents. It closed trading at 21.5 cents.

The Malaysia-based miner on Tuesday placed 75 million new shares priced at 20 cents per share to raise $15 million.

Out of the shares placed, 51.25 million were subscribed by cornerstone investors including First Grand Investment and Teambuild Construction.

Fortress Minerals is principally in the business of exploration, mining, production and sale of iron ore concentrate, primarily to steel mills and trading companies in China and Malaysia.

After deducting listing expenses, $7 million of the IPO proceeds will go towards further exploration of its Bukit Besi Mine in Terengganu, Malaysia, while $2 million will be earmarked for acquiring and developing new mines. Meanwhile, $3.5 million will serve as general working capital, the company said in its offer document.

"With a market capitalisation of about $100 million, the listing of Fortress Minerals Limited brings the total number of companies listed on Catalist to 218, with a combined market capitalisation of about $10 billion," said Singapore Exchange.

Roxy-Pacific Holdings

Property group Roxy-Pacific Holdings has signed a management deal with Park Hotel Group to open Park Hotel Melbourne in 2022, it said in a bourse filing yesterday afternoon.

The 23-storey newly built hotel will contain 319 guest rooms and suites, and five function rooms that can be combined into a ballroom to accommodate meetings and events for between 20 and 200 people. Other amenities include a lobby lounge, a concept restaurant, a bar with alfresco terrace seating and a fitness centre.

The deal brings Park Hotel Group's portfolio to nearly 20 hotels in operation or under development.

The hotel on Little Bourke Street is designed by Melbourne-based architectural and interior design firm Bates Smarts, and will draw inspiration from the street and its neighbourhood.

The building facade will reflect the old red brick warehouses and architecture in the surrounding precinct, while the interior will draw inspiration from Kirk's Bazaar, a horse and livery trading centre in the mid-1800s within the vicinity.

The hotel is also near shopping places such as Emporium Melbourne and Bourke Street Mall.

Correction note: An earlier version of the story stated that Fortress Minerals' market capitalisation was about $115 million. Singapore Exchange has since clarified that it should be $100 million.

A version of this article appeared in the print edition of The Straits Times on March 28, 2019, with the headline 'Company Briefs'. Subscribe