news

IOI Properties offer shares oversubscribed

KUALA LUMPUR: There is a 40% oversubscription to the 1.07 billion IOI Properties Group Bhd shares under the non-renounceable restricted offer by IOI Corp Bhd.

This is in conjunction with the planned listing of IOI Properties on Bursa Malaysia’s Main Market on Jan 15.

Yesterday, plantation firm IOI Corp and IOI Properties said in separate statements  that valid acceptances and excess applications came to 1.49 billion shares as at the closing date of acceptance for the restricted offer.

The companies said the excess restricted offer shares will be allotted as outlined in IOI Properties’ prospectus.

“Nevertheless, the boards of IOI Corp and IOI Properties reserve the right to allot any excess restricted offer shares applied for in such manner as they deem fit and expedient in the best interest of IOI Properties subject to such allocation being made on a fair and equitable basis, and that the intentions of the boards of IOI Corp and IOI Properties set out in the prospectus are achieved.

“The board of directors of IOI Corp and IOI Properties also reserve the right to accept any application for excess restricted offer shares, in full or in part, without assigning any reason,” the companies said.

Under the listing of IOI Properties, IOI Corp is distributing 2.13 billion shares in IOI Properties to IOI Corp shareholders. The distribution is on the basis of one IOI Properties share for every three existing IOI Corp shares held.

IOI Corp is also making a non-renounceable restricted offer for sale of 1.07 billion IOI Properties shares to IOI Corp shareholders. This is on the basis of one IOI Properties share for every six existing IOI Corp units held.

The restricted offer shares are priced at RM1.76 each.


This article first appeared in The Edge Financial Daily, on January 10, 2014.

 

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE