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Coastal Contracts prices placement shares at RM4.30 to raise RM208m

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Coastal Contracts prices placement shares at RM4.30 to raise RM208m Empty Coastal Contracts prices placement shares at RM4.30 to raise RM208m

Post by Cals Wed 12 Mar 2014, 20:36

Coastal Contracts prices placement shares at RM4.30 to raise RM208m
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Wednesday, 12 March 2014 19:15

KUALA LUMPUR (Mar 12): Coastal Contracts Bhd has priced its 48.3 million private placement shares at RM4.30 each. The exercise will raise RM207.7 million for the ship builder.

In a statement to Bursa Malaysia today, Coastal Contracts said the exercise involved up to 10% of the company's issued share base.

"The issue price for the placement shares of RM4.30 represents a discount of 8.65% to the five (5)-day volume weighted average market price of Coastal shares, up to and including 11 March 2014 (being the last market day prior to the price-fixing date) of RM4.7072 per Coastal share," Coastal Contracts said.

Today, Coastal Contracts shares rose nine sen or 2% to close at RM4.81.
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