Maybank IB buys 38 million Malakoff shares in stabilising bid

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB), as stabilising manager of Malakoff Corp Bhd, stepped in again on Monday to support its price by buying RM68mil worth of shares.

The country’s biggest independent power producer told the exchange that Maybank IB, which was also its initial public offering’s (IPO) transaction manager and joint principal adviser, bought 38 million shares at RM1.7917 each.

This raised the number of Malakoff shares the bank had purchased to 115 million, following the RM138.2mil worth of shares it bought last Friday.

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 unchanged at RM1.80 on Monday, with 77.14 million shares changing hands.