SINGAPORE – A construction and engineering firm could soon make its Singapore Exchange (SGX) debut by taking over the Catalist listing of embattled Hatten Land.
The property developer, which has been under judicial management and suspended from trading since August 2024, has asked shareholders to approve a $28 million reverse takeover (RTO) by Metrocon Holdings at an extraordinary general meeting on July 22.
If approved, the deal will pave the way for Metrocon to be listed on the SGX without going through an initial public offering – at a time when demand for its services is expected to rise in Singapore.
“As the company grows, we have been evaluating our options to become a listed company,” Metrocon chief executive Tan Kean Seng told The Straits Times.
He said the opportunity to take over Hatten Land’s listing came about through an introduction.
“After careful evaluation, we concluded it aligned with our objectives and represented the right opportunity to pursue a public listing”.
Metrocon specialises in foundation engineering, which involves carrying out piling and other works needed to prepare the ground before the construction of buildings and infrastructure.
It has delivered public housing and government projects, including sites near MRT and LRT lines, tunnels, canals and existing buildings, where construction requires greater technical expertise.
While there are several construction companies already listed on the SGX, including the likes of OKP, Hong Leong Asia and Ley Choon, only CSC Holdings provides services similar to Metrocon’s, Tan said.
He added that Singapore’s construction sector is entering a period of sustained growth, supported by a steady pipeline of government infrastructure projects and continued demand from private developers.
Metrocon’s revenues have more than doubled over the past three years, from $23.6 million in 2023 to $61.1 million in 2025. The company is profitable, with $82.5 million in work to be delivered over the next 24 months.
The deal is also central to the judicial managers’ strategy to restructure Hatten Land’s financial position and restore trading of the company’s shares. If the RTO is completed, Hatten Land will be renamed Metrocon Holdings, with its business shifting entirely from property development to foundation engineering.
The $28 million acquisition will be satisfied entirely through the issuance of about 107.7 million new shares at an issue price of 26 cents each to Metrocon’s owner, LBD Engineering.
The company will also issue 22.4 million new shares to creditors to settle part of its debts, and 21.5 million shares to funders supporting the restructuring.
As part of the restructuring, Hatten Land will also consolidate every 830 existing shares into one share, reducing its issued share capital from more than 1.86 billion shares to about 2.24 million shares.
Following the consolidation and issuance of the new shares, the enlarged group will have up to 153.9 million shares, implying a market valuation of about $40 million based on the 26 cent issue price.
The company will also undertake a separate compliance placement, issuing up to 25 million additional shares at not less than 20 cents each to meet Catalist’s minimum public float requirements.
Most of the proceeds will be used for working capital.
Ultimately, Metrocon’s owner LBD Engineering is expected to hold about 60.2 per cent of the enlarged company, while around 15.2 per cent of the shares will be held by the public.
Before it went into judicial management, Hatten Land was known as the property arm of Malaysia’s Hatten Group. Its projects included the Harbour City waterfront mixed development in Melaka, which stalled and remains incomplete, as well as residential and commercial units across other developments in Melaka that remained unsold.
These assets are now being managed by liquidators, with any sales proceeds going towards repaying lenders.
