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SP Setia's share issuance for I&P merger closes with oversubscription

SP Setia Bhd.'s issuance of ordinary rights shares and class B Islamic redeemable convertible preference shares to raise up to 2.4 billion Malaysian ringgit were both oversubscribed.

At the Dec. 19 closing of the issuance, the company received valid acceptances and excess applications to issue 436,328,081 rights shares and 1,463,089,605 preference shares, representing oversubscriptions of 8.20% and 20.94%, respectively, the company said in a filing.

The company initiated the issuance in relation to its merger with I&P Group Sdn. Bhd. in a bid to form Malaysia's largest property company.

Earlier, the company said each ordinary share in the issuance is priced at 2.65 ringgit, while each convertible preference share is offered at 88 sen. Listing of the new shares on the Malaysian bourse is expected Jan. 4, 2018.

Maybank Investment Bank Bhd. and RHB Investment Bank Bhd. are the joint underwriters for the renounceable rights issue.

As of Dec. 27, US$1 was equivalent to 4.08 Malaysian ringgit.