SINGAPORE - Crushed limestone producer GCCP Resources on Wednesday lodged its preliminary document with the Singapore Exchange ahead of a proposed initial public offering (IPO) on the Catalist board.
The Malaysian-based firm, which owns two quarries - the Gridland Quarry and Hyper Act Quarry - processes calcium carbonate for manufacturing of products such as paper, plastics and paints. Its quarries hold about 186 million tons of limestone, said the firm.
The firm plans to use the proceeds from the listing to fund the construction of a limestone crushing plant and a calcium carbonate powder production plant at its Hyper Act quarry, which is one of the biggest sources of crushed limestone in Malaysia.
When completed, the crushing plant is expected to produce up to 1,000 tons of crushed limestone per house, said the firm, while the powder plant will have an initial production capacity of 20,000 tons each month.