Amcorp's sale of AMDB shares undersubscribed

KUALA LUMPUR: AmcorpGroup Bhd's offer for sale of 119.83 million shares in AMDB Bhd was undersubscribed by 92.81%.

AMDB said on Sept 28 that as at 5pm on Sept 18, AMDB received total acceptances for 7.75 million shares (6.47%) and excess applications for 859,737 excess offer shares, representing 7.19% of the 119.83 million offer shares made available under the offer.

AmcorpGroup had made a renounceable offer for sale of the 119.83 million shares of 50 sen each in AMDB to AMDB shareholder at an offer price of 50 sen per share.

The offer was made on the basis of 267 offer shares for every 333 existing shares held.