Malaysia’s SP Setia raises $304 million from new share issue

The capital will be used partly for the development of the Battersea power station project in London, and the share sale will also result in a welcome increase in the free-float.

Malaysia’s SP Setia raises $304 million from new share issue
Battersea power station: SP Setia and consortium paid $626 million last year to develop the site

SP Setia, a leading property developer in Malaysia, has raised M$942.9 million $304 million from an earlier flagged share issue. The money will be used to fund existing and new projects, including the Battersea power station in London, which it is redeveloping together with the property arm of Sime Darby and the Employees Provident Fund EPF.

The share sale, which accounted for 15% of the existing share capital, should also help address the company’s...

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