Construction and engineering firm Metrocon Holdings is set to make its debut on the Singapore Exchange (SGX) through a proposed S$28 million reverse takeover of embattled property developer Hatten Land, which has been under judicial management and suspended from trading since August 2024.
Hatten Land has called for an extraordinary general meeting on July 22, where shareholders will vote on the proposed transaction. If approved, the deal will allow Metrocon to secure a listing on the SGX without undertaking a traditional initial public offering (IPO), providing the company with access to the capital markets as Singapore’s construction sector continues to expand.
Metrocon chief executive Tan Kean Seng said the company has been exploring options to become publicly listed as it continues to grow. He noted that the opportunity to acquire Hatten Land’s listed status came through an introduction and, following careful evaluation, was deemed the most suitable route to achieve its listing ambitions.
Metrocon specialises in foundation engineering, including piling and ground preparation works required for buildings and infrastructure projects. The company has been involved in numerous public housing and government developments, including projects near MRT and LRT lines, tunnels, canals and other technically demanding construction sites.
According to Tan, Singapore’s construction industry is entering a period of sustained growth, supported by a healthy pipeline of public infrastructure developments and continued demand from the private sector. Metrocon has recorded strong financial growth, with revenue more than doubling from S$23.6 million in 2023 to S$61.1 million in 2025. The company is also profitable and has an outstanding order book worth S$82.5 million, which is expected to be delivered over the next 24 months.
The proposed reverse takeover also forms a key part of Hatten Land’s restructuring plan under judicial management. Upon completion, Hatten Land will be renamed Metrocon Holdings, with its business shifting entirely from property development to foundation engineering.
The S$28 million acquisition will be settled entirely through the issuance of approximately 107.7 million new shares at an issue price of 26 Singapore cents per share to Metrocon’s owner, LBD Engineering.
In addition, Hatten Land will issue 22.4 million new shares to creditors as partial debt settlement and 21.5 million shares to restructuring funders.
As part of the restructuring exercise, the company will also undertake a share consolidation, combining every 830 existing shares into one new share, reducing its issued share capital from more than 1.86 billion shares to approximately 2.24 million shares. The move is expected to streamline the company’s capital structure ahead of its proposed transformation into a listed construction and engineering group.
