Daya shares up after Norwegian fund buys 1.3% stake

  • Business
  • Wednesday, 15 Jan 2014

KUALA LUMPUR: Shares of Daya Materials Bhd’s shares rose in heavy trade at midafternoon on Wednesday after a Norwegian fund bought 1.3% stake in the group.

At 3.32pm, its shares rose two sen to 42.5 sen with some 102.33 million shares done between 40.5 sen and 43.5 sen.

The FBM KLCI fell 6.03 points to 1,828.94. Turnover was 1.72 billion valued at RM1.713bil. There were 275 gainers, 502 decliners and 303 counters unchanged.

StarBiz reported Norges, Norway’s sovereign wealth fund which ranks as one of the world’s largest funds with some US$810bil (RM2.5 trillion), has taken up some 18 million Daya’s shares at 34.5 sen under the latter’s recently concluded 10% private placement, according to sources.

“Norges initially wanted 30 million shares. However, there wasn’t enough to go around. They may buy from the open market instead,” said a source.

The source added that the placement, which comprises 125 million new shares, had been oversubscribed by three times by institutions, which included names like Public Bank Bhd, HwangDBS and Allianz, among many others.

Permodalan Nasional Bhd was also one of the takers of the placement shares. 

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