Bumi Armada raises equity through rights issue

Objektif Bersatu, the main shareholder of the Malaysian oilfield services provider, divests stake to subscribe to the rights offering.

The main shareholder of Malaysian oilfield services provider Bumi Armada Berhad divested part of its stake on Wednesday in order to subscribe to its right issue, announced the same day.

Objektif Bersatu launched a 155 million cum-rights and bonus placement at a fixed price of M$2.96 at lunchtime on Wednesday. This represented a 4.8% discount to a last price of M$3.11 and an M$9.2% discount to the previous day's M$3.26 close. 

Lead managers CIMB, Credit Suisse, Maybank and UBS also held an upsize option of 60 million shares, which was exercised, bringing total proceeds to M$636.4 million $201.4 million. The accelerated placement represented 7.3%...

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