Yong Tai's private placement oversubscribed by 1.96 times

KUALA LUMPUR (Nov 30): Yong Tai Bhd's private placement of 70 million new shares has been successfully completed with an oversubscription rate of 1.96 times at an issue price of RM1.07.

In a statement today, the tourism and cultural property developer said it had received an overwhelming demand for the private placement. 

“90% of the private placement was placed out to institutional investors. That showed the confidence that investors have in Yong Tai,” said Datuk Wira Boo Kuang Loon, group chief executive officer.

Earlier in August, it was reported that Yong Tai’s private placement was expected to bring in another RM60 million to RM70 million in working capital.

Shares of Yong Tai were traded at RM1.21, up 2 sen or 1.68% at the noon break today. A total of 874,200 shares exchanged hands. — theedgemarkets.com