Metrocon Plans SGX Listing via Hatten Land Reverse Takeover

SINGAPORE – Metrocon Holdings, a foundation engineering firm, is poised to make its debut on the Singapore Exchange (SGX) through a reverse takeover (RTO) of Hatten Land, a property developer currently under judicial management. Hatten Land has requested its shareholders to approve the $28 million RTO at an extraordinary general meeting scheduled for July 22.

If the shareholders approve the deal, Metrocon will gain a listing on the SGX without the need for a traditional initial public offering (IPO). This move comes at a time when demand for construction services in Singapore is anticipated to increase, driven by a robust pipeline of government infrastructure projects and ongoing private sector developments.

Metrocon specializes in foundation engineering, which includes essential groundwork such as piling for buildings and infrastructure. According to Metrocon's CEO, Tan Kean Seng, the opportunity to acquire Hatten Land's listing arose through an introduction, and the company sees this as a strategic alignment with its growth objectives.

“As the company grows, we have been evaluating our options to become a listed company.”Tan Kean Seng, CEO of Metrocon

“As the company grows, we have been evaluating our options to become a listed company,” Tan stated. “After careful evaluation, we concluded it aligned with our objectives and represented the right opportunity to pursue a public listing,” he added.

Metrocon's financial performance has been strong, with revenues more than doubling from $23.6 million in 2023 to $61.1 million in 2025. The company is profitable, with $82.5 million in work scheduled for completion over the next two years. This financial stability is critical as the RTO is also part of the judicial managers' strategy to restructure Hatten Land’s financial position and facilitate the resumption of trading of its shares.

Should the RTO be completed, Hatten Land will be rebranded as Metrocon Holdings, shifting its focus entirely from property development to foundation engineering. The acquisition will be financed through the issuance of approximately 107.7 million new shares at an issue price of 26 cents each to Metrocon's owner, LBD Engineering. Additionally, 22.4 million new shares will be issued to creditors to partially settle debts, and 21.5 million shares will be allocated to funders aiding in the restructuring.

“After careful evaluation, we concluded it aligned with our objectives and represented the right opportunity to pursue a public listing.”Tan Kean Seng, CEO of Metrocon

As part of the restructuring, Hatten Land will consolidate every 830 existing shares into one, significantly reducing its issued share capital from over 1.86 billion shares to about 2.24 million shares. Following this consolidation and the issuance of new shares, the enlarged group will have an estimated 153.9 million shares, valuing the company at approximately $40 million based on the 26-cent issue price.

Moreover, the company plans to conduct a compliance placement, issuing up to 25 million additional shares at a minimum price of 20 cents each to fulfill Catalist’s public float requirements. Most of the proceeds from these initiatives will be allocated for working capital.

Before entering judicial management, Hatten Land was recognized as the property arm of Malaysia’s Hatten Group, with projects including the stalled Harbour City waterfront development in Melaka. These assets are now under the management of liquidators, with proceeds from any sales directed towards repaying creditors.