SINGAPORE - TSH Corp opened at 38 cents on Tuesday (Feb 12) on its first day of trading following a reverse takeover (RTO) by the owners of pub and liquor group Sloshed!.
As at 11.21am, the counter was trading at 32 cents, down 15.8 per cent, or six cents. The company completed a share consolidSloshedation on Feb 7 that merged every 20 existing shares into one share.
Through the reverse takeover, TSH acquired Sloshed! - which operates pubs and bars, as well as imports, exports and distributes spirits - in exchange for giving up majority control of TSH. Sloshed! chief executive Chua Khoon Hui is now CEO and executive director of TSH. TSH was formerly a consumer electronics and homeland security devices firm that became a cash company in August 2016 after selling its operating business and assets.
In its new business, TSH operates five outlets covering four concepts, namely Quaich Bar (two outlets) and The Copper Plate, with whisky as the main theme, as well as The Other Room and The Other Roof, which are cocktail bars.
Commenting on the backdoor listing, Mr Chua said: "This listing is an exciting milestone for TSH Corp. Being listed on SGX will allow us better access to the capital markets, to further grow our business. It also enhances the group's visibility as we work to partner with distilleries across the world, and ride on the increasing demand for and consumption of whisky in Singapore. We are grateful for the support from shareholders and we will continue to forge ahead in our next phase of growth."
SGX's head of equity capital markets Mohamed Nasser Ismail said: "We are pleased to welcome the listing of TSH Corporation Limited on SGX Catalist. The F&B scene in Singapore is a vibrant one, supported by a growing segment of consumers with more sophisticated palates and increasing affluence."
With a market cap of about $27 million at the open, the listing of TSH Corp brings the total number of companies listed on Catalist to 215, with a combined market cap of about $10 billion.