Malayan Cement Berhad's 85 Million Share Placement Oversubscribed
Kuala Lumpur, 14 June 2021
Today, Malayan Cement Berhad successfully completed its private placement of 85 million new shares with an oversubscription of 1.13x. The placement price was fixed at RM2.79 per Malayan Cement share, reflecting a discount of 9.92% on the 5-day volume weighted average price of RM3.0971 per share.
Managing Director of Malayan Cement, Dato' Sri Michael Yeoh, said, "We are delighted that the offering has been met with strong support from investors, given the prevailing volatility of the local market. The success of this placement attests to the appreciation for the fundamental values that underline Malayan Cement's business".
The new shares were listed on the Main Market of Bursa Malaysia Securities Berhad today.
As announced on 12 May 2021, Malayan Cement embarked on the acquisition of 12 companies with established track records of operational profit to further enhance its cement and ready-mixed concrete business. The RM5.2 billion transaction is currently pending completion, subject to the receipt of the necessary approvals.