Maybank IB props up Malakoff shares on third day

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB), as stabilising manager of Malakoff Corp Bhd, continued to support the power producer’s share price on its third day of listing.

On Tuesday the bank bought 39.5 million shares for RM69.6mil, or RM1.7602 per share. This raised the number of shares it had bought to 154.5 million at RM275.8mil.

Malakoff Corp had ended its maiden trading day on Bursa flat on Friday, at the IPO price of RM1.80.

Malakoff’s institutional offering had been oversubscribed by 13 times but the retail offering was oversubscribed only by 1.24 times.

Malakoff ended trading on Tuesday at RM1.76, down 4 sen, with 79.37 million shares changing hands.
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