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Jaya Tiasa said to be selling RM330m stake (4383)

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Jaya Tiasa said to be selling RM330m stake (4383) Empty Jaya Tiasa said to be selling RM330m stake (4383)

Post by hlk Wed 11 Jul 2012, 07:54

KUALA LUMPUR: Malaysia’s Jaya Tiasa Holdings Bhd,
a palm oil plantations and timber company, is selling up to 42 million
new shares worth some RM330mil, according to a source familiar with the
deal.
The shares were being priced at a range between RM7.70 and
RM8.20 per share, the source said, representing a 9.1% to 14.6%
discount to the closing price of RM9.02 yesterday.
The proceeds
raised from the placement were meant for the repayment of bank
borrowings, palm oil mills construction, working capital and
acquisitions, the sources said.
Tan Sri Tiong Hiew King, Malaysia’s 9th richest man according to Forbes, controls the plantation firm. Officials at the firm were not immediately available for comment. — Reuters
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