Boustead Plantations to issue 580m new shares under IPO


  • Business
  • Monday, 30 Dec 2013

KUALA LUMPUR: Boustead Plantations Bhd plans to issue 580 million new shares to retail and institutional investors under its proposed listing on the Main Market of Bursa Malaysia.

BOUSTEAD HOLDINGS BHD, which is listing the plantations unit, said on Monday that it would offer for sale up to 76 million existing Boustead Plantations shares.

Upon listing, the enlarged and paid-up capital of Boustead Plantations would be 1.6 billion shares of 50 sen each with the inclusion of the 580 million new shares.

The floatation exercise involves the retail offering of up to 492.429 million IPO shares.

Of these IPO shares, it said 206.83 million issue shares would be reserved for applications by entitled shareholders of Boustead Holdings. This would be on the basis of one Boustead Plantations share for every five Boustead Holdings shares held.

It also said 174.59 million Boustead Plantations shares would be reserved for entitled unitholders of Boustead REIT on the basis of three Boustead Plantation shares for every five Boustead REIT units held.

Under the retail offering, 47 million offer shares would be for eligible directors and employees of Boustead Plantations, Boustead Holdings and persons who contributed to the success of the Boustead Plantations.

For the Malaysian public, it said 64 million Boustead Plantations shares would be offered via balloting.

The institutional offering would see up to 163.57 million IPO shares offered to approved Bumiputera investors as well as other Malaysian institutions and selected investors.   

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