Sell-down in Bumi Armada

Bumi Armada block trade raises $380 million

Bumi Armada's controlling shareholder Ananda Krishnan decides not to sell at the bottom of the price range, cutting the size of the block trade by one-third.
<div style="text-align: left;">
A Bumi Armada support vessel</div>
<div style="text-align: left;"> A Bumi Armada support vessel</div>

A block trade in Malaysian offshore services provider Bumi Armada, which was in the market on Thursday night, turned out to be smaller than expected after controlling shareholder Ananda Krishnan chose not to sell any shares.

The Malaysian tycoon’s withdrawal meant the total deal size was cut to 10% of the company from 15%. After the price was fixed at the bottom, the remaining four sellers all of which were Malaysian investment holding companies raised a combined M$1.16 billion $380 million. The order books closed late on Thursday, but the final terms were only released on Friday morning.

According to the initial term sheet, five...

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