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HARRY'S International, which operates the largest chain of pubs in Singapore, plans to list its shares on the Singapore Exchange's junior board by June, chief executive Mohan Mulani said on Friday.
The planned listing will involve the transfer of Harry's shares from Phillip Capital's OTC market to the SGX's Catalist bourse. Harry's hopes to raise S$3 million to $5 million, Mr Mulani said in an interview.
Harry's operates over 30 outlets in Singapore, most of them watering holes bearing the Harry's brandname and catering to mainly expatriates and tourists.
The company is best known for its original outlet at Boat Quay along the Singapore River, which was the favourite hangout of Nick Leeson, the former rogue trader who brought down Britain's Barings Bank in 1995 after incurring over US$1 billion (S$1.43 billion) in losses.
Mr Mulani said the planned move to Catalist was aimed at increasing trading in Harry's shares as well as to help finance the company?s planned expansion into India and the Middle East.
'We are pretty much done in Singapore. We can't expand anymore, except for the upcoming casinos,' he said, referring to the two large casino-resorts that are being built in the city-state.
'A lot of our shareholders have complained the OTC (over-the- counter) market is a bit illiquid,' he added.
Harry's achieved profit after tax of S$1.46 million in the half year to June 2007 on sales of S$12.36 million. SGX launched Catalist, which is modelled after the London Stock Exchange's Alternative Investment Market (AIM) for smaller companies, in December.
Phillip's OTC board, which started at the end of 2006 as a low-cost platform for firms seeking to raise small amounts of money, currently has five companies. -- REUTERS
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