Maybank IB ends Malakoff stabilising action

by **Cals** Mon 08 Jun 2015, 03:36

Maybank IB ends Malakoff stabilising action

Friday, 5 June 2015

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) has ceased the stabilising action for Malakoff Corp Bhd on June 5, with the last purchase made on May 20.

The independent power producer said in a statement to Bursa Malaysia on Friday that Maybank IB had ended the action ahead of the expiry of the 30-day maximum stabilisation period.

During the stabilising period since May 15, Maybank IB had purchased 188.503 million Malakoff shares, representing about 12.4% of the total number of shares offered under the initial public offering (IPO), at between RM1.7048 and RM1.7952 per share. Its last purchase on May 20 was at RM1.7048 apiece.

“Following the last purchase, since June 1 up to the date of this announcement, the stock has been trading above the IPO price of RM1.80 per share,” Maybank IB said.

“In conjunction with the cessation of the stabilising action on June 5, on even date, we have also exercised the over-allotment option for a total of 39.756 million shares granted by Anglo-Oriental (Annuities) Sdn Bhd, Employees Provident Fund board, Kumpulan Wang Persaraan (Diperbadankan), SEASAF Power Sdn Bhd and Standard Chartered IL&FS Asia Infrastructure Growth Fund Company Pte Ltd,” it said.

“As such, the total purchases made under the stabilising action of 188.503 million shares and the exercise of the over-allotment option for 39.756 million shares fully cover the 228.260 million shares that are subject to the over-allotment option in respect of the IPO.

“The shares purchased under the stabilising action and the proceeds from the exercise of the over-allotment option will be returned to the over-allotment option providers.”

Malakoff Corp closed unchanged on FGriday at RM1.87.