Attika Group Ltd. Announces Strategic Sale of 15.6 Million Shares to Major Institutional Investors

Key Highlights

• Sale of 15.6 million shares by majority shareholder and Executive Chairman, Steven Tan, at S\$0.35 per share, raising a total of S\$5.46 million in cash.
• Shares were sold to prominent institutional investors, including Areca Capital, Asdew Acquisitions, ICH Synergrowth Fund, Lion Global Investors Limited (as investment manager for and on behalf of clients), and several high net-worth individuals.
• This transaction is designed to broaden the investor base and enhance the trading liquidity of Attika shares on the Singapore Exchange.
• Steven Tan’s ownership stake in Attika Group decreased from 84.56% to 73.09% post-sale, but he remains the controlling shareholder.
• Steven Tan has voluntarily imposed a six-month moratorium on any further sale of his shares.

Strategic Rationale and Potential Impact

The sale of vendor shares by Steven Tan marks a significant development for Attika Group Ltd. The move attracted strong demand from both institutional and high net-worth investors, signaling robust confidence in the company’s long-term growth prospects and its strategic direction. By bringing in new, quality investors, Attika aims to:

• Improve share liquidity: More active trading and a wider shareholder base can reduce share price volatility and make Attika shares more attractive to additional investors.
• Strengthen capital structure: Diversifying the shareholder profile enhances the financial and strategic stability of the company.
• Lay the groundwork for future growth: Institutional ownership can provide stability and support as Attika pursues expansion and capitalizes on new business opportunities.

The transaction occurred at a price of S\$0.35 per share, which may set a new reference point for the stock’s valuation in the near term. The influx of reputable institutional investors could potentially drive positive sentiment and interest in Attika’s shares, possibly supporting share price appreciation going forward.

Shareholder Considerations and Price Sensitivity

• Change in major shareholding: Steven Tan still retains control but has reduced his stake, allowing for greater institutional involvement while signaling confidence in the company’s future.
• Six-month lock-up: Steven Tan’s self-imposed moratorium on further share sales helps prevent additional downward pressure on the share price over the next six months.
• Enhanced trading liquidity: The broadened investor base is expected to result in higher trading volumes, which can benefit all shareholders through potentially tighter bid-ask spreads and higher share price stability.
• Validation by institutional investors: The participation of respected investment firms lends credibility to Attika’s business model and growth trajectory, which may be viewed positively by the market.

About Attika Group Ltd.

Attika Group Ltd., listed on the Catalist Board of the Singapore Exchange since November 2024, specializes in commercial interior decoration and Mechanical, Electrical, and Plumbing (MEP) engineering. The company offers integrated solutions for interior fit-outs, including design, production, construction, project management, and maintenance. Attika operates its own carpentry workshop and employs a full-time team of tradespeople and engineers, ensuring efficient project delivery.

Attika holds nine workhead registrations with Singapore’s Building and Construction Authority (BCA), including high-grade certifications that allow the company to tender for public sector projects without value limits. Its portfolio includes private and public sector clients, with strengths in interior decoration, electrical engineering, and air-conditioning/refrigeration/ventilation works.

Investor Relations Contact

For more information, investors may contact:
Ms Emily Choo
Email: [email protected]
Mobile: +65 9734 6565
https://attika-interior.com/

Disclaimer

This article contains forward-looking statements based on the company’s current expectations. Actual results may differ due to risks and uncertainties beyond the company’s control. This is not an official communication from Attika Group Ltd. or its sponsor, and should not be construed as investment advice. Investors are advised to conduct their own due diligence before making any investment decisions.

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