Property developer Regal International joins the Mainboard

There are now 87 listed real estate firms.

Malaysian property developer Regal International Group today joined the Mainboard, bringing the total number of SGX-listed companies in the real estate sector to 87, with a combined market capitalisation of S$131 billion.

The listing follows the acquisition by Hisaka Holdings of the entire issued and paid-up share capital of Regal International for a consideration of $127.3 million, satisfied fully by a cash payment of S$20 million and the issue and allotment of 130 million shares by Hisaka Holdings.

Upon completion of the RTO, the enlarged entity would have an estimated market capitalisation of about S$165 million.

Regal International is a property developer in East Malaysia for the residential, commercial and industrial segments. Its projects are located primarily in Kuching and Kota Samarahan in Sarawak.