IOI Properties offer shares oversubscribed

Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 09 January 2014 13:57
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KUALA LUMPUR (Jan 9): There is a 40% oversubsription for the 1.07 billion
IOI Properties Group Bhd shares under the non-renounceable restricted offer
by IOI Corp Bhd (IOI).
This is in conjunction with the planned listing of IOI Properties on Bursa
Malaysia's Main Market this Wednesday (January 15).
Today, plantation firm IOI and IOI Properties said in separate statements to the
exchange, that valid acceptances and excess applications came to 1.49 billion
shares as at the close of acceptance, excess application and payment for the
restricted offer shares last Monday (January 6).
The companies said the excess restricted offer shares will be allotted in the
manner outlined in IOI Properties' prospectus.
"Nevertheless, the board of directors of IOIC (IOI) and IOIPG (IOI Properties) reserve the right to allot any excess restricted offer shares
applied for in such manner as they deem fit and expedient in the best interest of IOIPG subject always to such allocation being made on a
fair and equitable basis, and that the intention of the board of directors of IOIC and IOIPG set out in the prospectus are achieved.
"The board of directors of IOIC and IOIPG also reserve the right to accept any application for excess restricted offer shares, in full or in
part, without assigning any reason," the companies said.
Under the listing of IOI Properties, IOI is distributing 2.13 billion shares in IOI Properties to IOI shareholders. The distribution is on the
basis of one IOI Properties share for every three existing IOI shares held.
IOI is also making a non-renounceable restricted offer for sale of 1.07 billion IOI Properties shares to IOI shareholders. This is on the basis
of one IOI Properties share for every six existing IOI units held.
The restricted offer shares are priced at RM1.76 each.