Friday, June 22, 2012

Maxi-Cash makes strong SGX debut

SINGAPORE: Singapore's first public-listed pawnbroker, Maxi-Cash, traded strongly on its debut.

The stock climbed as much as 28 percent from its listing price of 30 cents.

Maxi-Cash raised S$16.8 million from its initial public offering.

The IPO was 4.3 times subscribed.

The Catalist-listed company has the largest network of pawnshops in Singapore, with 24 retail outlets.

Analysts say Maxi-Cash commands a 13 percent market share.

Its strong debut on the SGX on Friday could be due to the perception the company's earnings are resilient to the economic slowdown.

Koh Lee Hwee, Group CEO of Maxi-Cash Financial Services, said: "We have also de-stigmatised pawnbroking in Singapore, dramatically improving the overall image of pawnbroking service, providing customers with modern and professional and bank-like experiences."

View the original article here

Source From Channel News Asia

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