Matang IPO oversubscribed by 4.2 times - Business News | The Star Online


Matang IPO oversubscribed by 4.2 times

KUALA LUMPUR: Oil palm plantation company Matang Bhd, which is eyeing a listing on the Ace Market, has attracted share applications from the Malaysian public representing an oversubsription rate of 4.21 times.

Tricor Investor & Issuing House Services Sdn Bhd said in a statement that a total of 6,389 applications for 676.655 million shares were received for the 130 million new 10-sen shares made available for subscription at an issue price of 13 sen apiece.

For the bumiputra portion, a total of 3,046 applications for 266.678 million shares were received.

That translates into an oversubscription rate of 3.1 times.

For the public portion, a total of 3,343 applications for 409.977 million shares were received, representing an oversubscription rate of 5.31 times.

The Matang group owns an oil palm plantation estate of about 1,096.3ha that spans across Segamat and Ledang districts in Johor.

It also owns a 1.24-acre property development land in Tangkak, Johor.

Matang also owns three units of detached buildings in Larkin Industrial Area, Johor Baru, with a land area totalling 3.2 acres.

The properties are leased to multiple tenants for rental income.