KUALA LUMPUR: Yinson Holdings Bhd
has raised RM283.2mil in proceeds following the completion of an accelerated book-building exercise, which will go towards expanding Yinson’s renewables and green technology businesses.
In the exercise, 120 million new shares or 4.1% of its total issued shares were placed out to selected institutional investors at an issue price of RM2.36 a share.
Yinson said in a March 20, 2024, filing that the issue price of the placement shares represented a discount of approximately 4.9% to the five-day volume weighted average market price of the shares up to and including March 19 (being the last market day immediately before the price fixing date) of RM2.4809.
In a statement, Yinson Group CEO Lim Chern Yuan highlighted strong prospects for the group's renewables and green technologies businesses given the critical need to strengthen global clean energy infrastructure to facilitate a just and equitable energy transition.
"Proceeds from this placement will enable us to accelerate our strategic plans for Yinson Renewables and Yinson GreenTech to capitalise on market opportunities, which we are confident will contribute to stronger, sustained returns over the long-term," he said.
Kumpulan Wang Persaraan (Diperbadankan) (KWAP) was the anchor investor of the exercise, subscribing to 50 million shares in support of the transition placement.
"Our investment aligns with our commitment to responsible investing, which we have firmly committed to as a signatory to the UN PRI.
"By mobilising capital towards energy transition initiatives, we aim to foster positive environmental impact while delivering long-term value to our stakeholders," said KWAP chief investment officer Hazman Hilmi Sallahuddin.
