Tuesday, October 29, 2013

Reuters: Global Markets: Pawnbroker ValueMax rises 17 percent in Singapore trading debut

Reuters: Global Markets
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com 
Compare Hotels

Find great prices for amazing hotels wherever your next destination may be. It's simple to search 100+ sites at once!
From our sponsors
Pawnbroker ValueMax rises 17 percent in Singapore trading debut
Oct 30th 2013, 01:14

SINGAPORE | Tue Oct 29, 2013 9:14pm EDT

SINGAPORE (Reuters) - Shares of Singapore pawnbroker ValueMax Group Ltd (VAMG.SI) jumped around 17 percent above its initial public offering price in its trading debut on Wednesday, signaling strong investor interest in alternative finance providers in the city-state.

It is the third pawnbroker to list in Singapore after Maxi-Cash Financial Services Corp Ltd (MAXI.SI) and MoneyMax Financial Services Ltd (MFSL.SI).

ValueMax shares rose as high as S$0.595 versus its IPO price of S$0.51. Within a few minutes of trading, around 20 million shares had already been traded. The company said its offering of 138 million shares was around 6.3 times subscribed.

ValueMax said it plans to acquire businesses and set up new pawnshops and second-hand jewelry retail outlets. It also aims to distribute 50 percent of its net profit as dividends for each of its 2013, 2014 and 2015 fiscal years.

Faced with rising living costs and unable to wait until pay day, growing numbers of Southeast Asians are putting their gold jewelry and designer watches in hock, creating a boom in pawnshops across Singapore, Malaysia, Thailand and Vietnam.

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

0 comments:

Post a Comment

 
Great HTML Templates from easytemplates.com.