Prestariang's shares oversubscribed 7.1 times

Prestariang Bhd, an ICT service provider enroute for listing on the Main Market of Bursa Malaysia, today announced that its issue of 30 million shares to the public under its Initial Public Offer (IPO) at 90 sen per share, had been oversubscribed 7.1 times.

In a statement today, Prestariang said it received a total of 13,355 applications with a value of RM218,832,030 for 243.15 million shares, which represented an oversubscription of 7.1 times for the shares offered for sale to the public.

The company's IPO comprised a Public Issue of 22 million new ordinary shares and an offer for sale of 77 million shares at an issue/offer price of 90 sen per share.

Its offer for sale via private placement of 22 million shares for Bumiputera investors approved by the Ministry of International Trade and Industry (MITI), as well as 40 million shares to selected investors saw a 100 per cent take up rate including participation from ten reputable institutions.

"This goes to show that Prestariang shares were well demanded by the Malaysian public and I am particularly encouraged by the strong interest received from reputable institutions on our private placement," said the company''s Chief Executive Officer Abu Hasan Ismail.

Adding to the comment, Chairman of Prestariang, Datuk Mohamed Yunus Ramli Abbas said that Prestariang planned to grow organically on the local front and establish regional and training centres in Penang, Johor, and Sarawak. -- Bernama