Malaysia's Boustead Plantations rises 4 pct in market debut

-A +A

KUALA LUMPUR (June 26): Malaysian palm oil producer Boustead Plantations Bhd rose 4 percent in its first day of trade after raising 1.05 billion Malaysian ringgit ($325 million) in its initial public offering.
The stock was trading at 1.67 ringgit on Thursday morning, compared with its IPO price of 1.60 ringgit per share. The broader market was flat.
The company is 55 percent owned by financial-to-defence conglomerate Boustead Holdings Bhd.
The IPO proceeds will be used to buy more land to meet its goal of expanding its planted area to 100,000 hectares by 2017 from around 71,000 hectares currently.
Affin Investment Bank, Credit Suisse and Maybank Investment Bank acted as the IPO's global coordinators. - Reuters