The Star Online: Business
The Star Online: Business |
| Caring Pharmacy’s IPO for public oversubscribed 33.66 times Posted: KUALA LUMPUR: Caring Pharmacy Group Bhd's offer of 10.87 million shares of RM1.25 each to the public was oversubscribed by 33.66 times. The community pharmacy operator, which is seeking a listing on the Main Market of Bursa Malaysia on Nov 13, said there were 20,137 applications valued at RM471.64mil from the public. Caring managing director Chong Yeow Siang said the overwhelming response reflected the healthy fundamentals and the potential growth prospects. The joint placement agents also confirmed the 14.20 million shares made available for private placement were oversubscribed, according to a statement issued on Saturday. The listing exercise involved the public issuance of 35 million new shares, which would result in raising RM43.75mil. Caring said 41% of the proceeds would be used to open new pharmacy outlets and another 27% for working capital. Kenanga Investment Bank Bhd is the principal adviser, managing underwriter, joint underwriter with MIDF Amanah Investment Bank Bhd, and joint placement agent with Inter-Pacific Securities Sdn Bhd. |
| Press Metal selling 20% stake in subsidiary to Sumitomo for RM444mil Posted: KUALA LUMPUR: Press Metal Bhd is selling its 20% stake in its unit Press Metal Bintulu Sdn Bhd (PMBSB) for US$140.05mil (RM443.95mil) cash to Sumitomo Corporation's subsidiary. It said on Friday the stake would be sold to Sumitomo's subsidiary Summit Global Management XII B.V. based on the net assets of RM46.66mil, potential future earnings of PMBSB and the potential synergistic benefits to Press Metal Group following the tie-up. Press Metal said the sale and purchase agreement would hinge on several factors whereby PMBSB's plant had built 300 smelting pots capable of producing aluminium ingots and billets. Another condition was that the plant should achieved an average daily production operating capacity of not less than 852 tonnes in the rolling 30 day period. The plant also had to maintain an average electrical power consumption below 14,000 kilowatt hour a tonne in the rolling 30 day period. "The proposed disposal provides an opportunity for Press Metal to unlock and crystallise the value of its investment in PMBSB. "The proceeds raised from the proposed disposal will enable the Press Metal Group to mainly repay part of the bank borrowings, thus reducing the gearing level of the Press Metal Group as well as providing working capital for its main businesses," it said. Press Metal said Sumitomo would become a substantial shareholder and strategic partner of PMBSB. "This will enable the Press Metal Group to realise synergies of the partnership by capitalising on the network and marketing expertise of the Sumitomo Group as a whole in the aluminium business, with the intention of realising PMBSB's full potential," it explained. |
| You are subscribed to email updates from Business News To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 ulasan:
Catat Ulasan