Yong Tai private placement oversubscribed nearly two times

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KUALA LUMPUR: Yong Tai Bhd’s private placement of 70 million new shares was completed with an oversubscription rate of 1.96 times at an issue price of RM1.07.

The group CEO Datuk Wira Boo Kuang Loon said on Wednesday the shares of the  Tourism and cultural property developer were placed out mostly to institutional investors.

“A total of 90% of the private placement was placed out to the institutional investors. That’s showed the confidence that investors have in Yong Tai,” he said. 

Boo said with the completion of the exercise, he was looking forward to bring Yong Tai  to the next level.

Yong Tai's existing property projects are within the heritage city centre of Melaka, one of the fastest growing states in Malaysia. 

It will also launch Impression City, a cultural tourism properties development in Malacca with RM5.4bil gross development value. 

The group plans to create an entire ecosystem of hotels, a mall, residential units and commercial lots to keep tourists in the area. The project will be developed in stages on a 100-acre land. 

Meanwhile, the special issue of 200 million new irredeemable convertible preference shares of 80 sen each at an issue price of 80 each to Impression Culture Asia Ltd will be listed and traded on Thursday.

It also said the bonus issue of up to 20.046 million new ICPS on the basis of one new ICPS for every 10 shares held will also be listed and traded the same day.

The stock short name, stock number and ISIN Code of the ICPS are YongtaiI-PA, 7066PA and MYL7066PA6B8 respectively.