Property developer WCG's initial public offering 2.1 times subscribed

SINGAPORE - World Class Global, the property development arm of Aspial Corp, said that its initial public offering of 136 million shares in the company at S$0.26 each was approximately 2.1 times subscribed.

It will make its trading debut on the Catalist board on Thursday (June 15) at 9am.

The company said it intends to use the net proceeds of about S$21.9 million for the acquisition of properties and consuction, as well as other related costs in connection with the development properties.

World Class Global is a Singapore-based real estate company that develops and invests in property in Malaysia and Australia. Its portfolio includes a total of 28 land parcels in Penang which comprise mainly of shophouses, as well as residential towers in Melbourne.

The firm said it was looking to expand its business to include property development in the industrial and hospitality sectors, and may acquire new properties in Australia, Indonesia, Malaysia, New Zealand and the Philippines.