Posted on 18th Aug 2011 @ 12:07 PM

Singapore, 17 August 2011 – Sheng Siong Group Ltd. (“Sheng Siong”, and together with its subsidiaries, the “Group”), one of Singapore’s largest retailers, began trading at 9.00 a.m. today on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”). A listing ceremony was held at The Gallery, SGX Centre 1 to celebrate the momentous occasion.

Presentation of Bull & Bear memento from SGX to Sheng Siong upon the successful listing on the Main Board of SGX-ST. From left: Sheng Siong Managing Director, Mr. Lim Hock Leng, Singapore Exchange EVP & Head of Listings, Mr. Lawrence Wong, Sheng Siong Chief Executive Officer, Mr. Lim Hock Chee and Sheng Siong Executive Chairman, Mr. Lim Hock Eng.

The Group operates the Sheng Siong Groceries Chain, including 23 stores across Singapore. Sheng Siong represents an investment opportunity to invest in a stable business with strong cash flow amidst global market volatility. The Group plans to distribute up to 90.0% of net profit to shareholders for the financial years ending 31 December 2011 and 31 December 2012.

The Group’s market capitalisation is S$442.7 million at the IPO offer price of S$0.33 per share. The IPO raised net proceeds of approximately S$62.6 million, which will be used to fund the expansion of the Group’s grocery retail business, repay the Group’s term loan, and for working capital purposes. Anchor investors in Sheng Siong’s IPO are JF Asset Management Limited, Prudential Asset Management (Singapore) Limited, FIL Investment Management (Hong Kong) Limited, VPL Funds and Kenrich Partners Pte Ltd.

Commenting on the listing, Mr. Lim Hock Chee, Chief Executive Officer of Sheng Siong Group Ltd., said, “This is a key milestone for the Sheng Siong Group and we are very excited to list one of the most established and distinctive brand names in Singapore. This IPO offers an opportunity for investors to participate in the stable growth story of the Singapore retail industry. With numerous competitive advantages, such as our computerised systems, warehousing and distribution centre, quality products and customer-centric culture, we are confident that Sheng Siong will remain the preferred grocery chain for many years to come.

This is the beginning of an exciting phase for Sheng Siong and we look forward to growing together with our shareholders. ”

Sheng Siong was the second most actively traded stock today in terms of volume of shares traded, gaining 3.0% to close at S$0.34 on 92.3 million shares.

Oversea-Chinese Banking Corporation Limited is the issue manager, underwriter and placement agent for the IPO.

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