Baker Tilly Supported 2020’s First IPO on SGX Catalist By Resources Global Development Limited
Above from centre: Mr. Francis Lee, Chief Executive Officer, and Mr. Thomas Yeo, Chief Financial Officer & Board of Directors from Resources Global Development Limited together with Baker Tilly’s Managing Partner, Mr. Joshua Ong, Assurance Partner, Mr. Khor Boon Hong, Assurance Director, Ms. Grace Lim and the assurance team members
Singapore, 31 January 2020 – Baker Tilly congratulates its client, Resources Global Development Limited, in its listing on Singapore Exchange (“SGX”) Catalist on 31 January 2020, making it the first Initial Public Offering (“IPO”) in Singapore for 2020 on the aforementioned listing platform. The company opens at S$0.21 per share with 15 million placement shares.
Baker Tilly acted as the Independent Auditor and Reporting Accountant for Resources Global Development Limited’s listing. The company is principally engaged in the trading and shipping of coal within Indonesia territories through PT Deli Niaga Sejahtera ("PT DNS") and PT Deli Pratama Angkutan Laut ("PT DPAL"), respectively.
Mr. Francis Lee, Chief Executive Officer, Resources Global Development Limited:
“The directors and management of Resources Global Development Limited would like to express our heartfelt thanks to Baker Tilly, who acted as our reporting accountant for our listing on SGX. The Baker Tilly team has contributed significantly as one of our key professional advisors in the listing. We greatly appreciate their technical expertise and dedication rendered.”
Mr. Thomas Yeo, Chief Financial Officer, Resources Global Development Limited:
“This IPO was only made possible with the strong support from our sponsor and advisors including our Reporting Accountant Baker Tilly – the professionalism exhibited by Mr. Khor Boon Hong and his team has been exemplary. Their familiarity with the SGX listing rules and execution efficiency made the listing process a very positive experience.”
Mr. Khor Boon Hong, Assurance Partner, Baker Tilly:
“Congratulations to Resources Global Development Limited on its successful listing! We thank the management team for its trust and confidence in partnering with Baker Tilly for this significant milestone. We wish them every success in their new journey as a public company.”
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NOTES TO EDITORS:
About Resources Global Development Limited
Our history of being involved in the coal industry can be traced back to around 2005 in South Kalimantan, Indonesia. Over the years, our business has evolved and today, we have established a reputation as a reliable coal trader and coal shipping company in Indonesia. We procure thermal coal from coal mines located in South Kalimantan for domestic sales to mainly coal traders. We also provide chartering services of tugboats, barges and bulk carrier to transport coal within the Indonesian territories.
Led by an experienced management team, and with the depth and diversity of their technical and operational expertise, we are positioned to tap opportunities in Indonesia – one of the leading producers of coal globally. With increases in Indonesia’s electrification and new coal-fired power plants across the Indonesian archipelago, demand for coal and inter-island transportation of coal is expected to remain robust, driving our growth.
For more information, visit www.rgd.sg.
About Baker Tilly Singapore
Baker Tilly Singapore (“Baker Tilly”) is a full-service accounting and advisory firm that offers industry-specialised services in assurance, tax, deal advisory, governance and risk, restructuring and recovery, outsourcing and corporate secretarial. We are one of the 10 largest accountancy and business advisory firms in Singapore and a member of Baker Tilly International, a top 10 global network of independent accounting and business advisory firms in 145 territories with 35,000 professionals. As of December 2018, the combined worldwide revenue of independent member firms is reported at US$3.6 billion.
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