SP Setia raises RM998m from share placement

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KUALA LUMPUR (Jan 30): SP Setia Bhd said it has fixed the issue price for its 325 million new placement shares at RM3.07 each to raise RM997.75 million.

In a filing with Bursa Malaysia today, property developer SP Setia said it has completed the book-building exercise for the share placement. SP Setia said the book-building exercise attracted demand from local and foreign institutional investors.  

"The issue price for the placement shares has been fixed at RM3.07 per placement share, representing a discount of approximately 5.8% to the 5-day VWAP (volume weighted average price) of SP Setia shares up to and including 29 January 2018 of RM3.2607. The total number of placement shares to be issued pursuant to the book-building exercise is 325,000,000 placement shares, representing 9.5% of SP Setia’s issued share capital as at 29 January 2018. Accordingly, the gross proceeds to be raised from the placement is approximately RM997.75 million.

"Maybank IB (Maybank Investment Bank Bhd) and BNP Paribas (acting through its Singapore Branch) are the joint placement agents for the placement," SP Setia said.

In a separate statement, SP Setia said its share trade was halted between 9am and 10am today in conjunction with the share placement announcement. At 10:25am, SP Setia shares were traded at RM3.10 with some two million shares transacted.