Red Sena placement oversubscribed

PETALING JAYA: Despite a sluggish market environment, Red Sena Bhd which will be listed on Bursa Malaysia next month, managed to see demand outstripping supply for the bulk of its new share issuance through private placements, sources said.

Red Sena, the latest special purpose acquisition company (SPAC) that is targeted to be listed on Dec 18, has allocated 720 million new shares to selected investors via a private placement and the balance of 80 million shares via public ballot.