Press Metal's placement share issue price fixed at RM5.94 per share

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd has fixed the issue price for its 163.39 million placement shares at RM5.94 per share following the completion of bookbuilding exercise.

In a filing with Bursa Malaysia today, the aluminium company said the proposed placement was oversubscribed.

The issue price of RM5.94 per share represents a discount of approximately 3.9 per cent to the five-day volume-weighted average price (VWAP) of Press Metal shares up to and including March 25, 2022, being the market day immediately prior to the price-fixing date, of RM6.18 per share.

"Accordingly, the proposed placement is expected to raise gross proceeds of about RM970.6 million,” the company said.

At 10.31 am, Press Metal’s shares was flat at RM6.09 with 3.2 million units traded. - Bernama