Astro sets share price at RM3.65


  • Nation
  • Monday, 13 Oct 2003

BY B.K. SIDHU

KUALA LUMPUR: Astro All Asia Networks plc has attracted a huge global demand for its institutional offering with values close to RM30bil although the company would only issue 425 million shares worth RM1.72bil. 

Bankers close to the transaction said the demand came from 300 global long-term funds for its foreign institutional offering while 100 domestic institutional funds submitted their bids for the local portion. 

Out of the 425 million shares offered, 325 million will be sold to foreign funds and 100 million to domestic funds. The huge global demand is said to be one of the largest ever generated for a Malaysian stock, said a banker, adding that the overall institutional portion was 16 times over-subscribed, or 19 times for the domestic portion and 15 times for the foreign block. 

In a statement yesterday, Astro said it has fixed the final pricing of RM3.65 a share for its retail portion and RM4.06 for its institutional offering. 

The retail offer closed on Wednesday. It is offering 83.4 million shares to retail investors. 

Astro, which is scheduled to be listed on the main board of the Kuala Lumpur Stock Exchange on Oct 29, would raise about RM2.1bil as part of its floatation exercise. 

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