Labroy Marine seeks listing

Labroy Marine seeks listing

SINGAPORE (Reuter): Labroy Marine Ltd said yesterday it has received approval in principle for a main board listing on the Stock Exchange of Singapore.

The Singapore-based marine company, formerly called Heng Huat Shipbuilding and Construction, also has offices in Indonesia and Australia.

Labroy builds commercial vessels, tugs, barges and marine steel structures, and provides shiprepair and conversion services, mainly at its 12-ha shipyard in Batam, Indonesia.

It operates and charters tugs, barges, general cargo vessels and livestock carriers and provides towing and dredging services. It also owns and operates a private wharf in Australia to complement the livestock carrier business.

The group operates a fleet of 110 vessels and has carved a niche in the livestock transportation business.

Group turnover was Singapore $69.4 million in 1995 while pretax was S$11.2 million.

Labroy said in a statement it planned to increase its existing fleet of livestock carriers and to diversify into the product tanker business.

It was broadening its shiprepair business by adding a new floating dock it built itself, the statement said.