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.
<div style="text-align: left;">
Battersea power station: SP Setia and consortium paid $626 million last year to develop the site
</div>
<div style="text-align: left;"> Battersea power station: SP Setia and consortium paid $626 million last year to develop the site </div>

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 illiquid shareholding structure. Following the new issue, the free-float will increase to about 29.4% from just 18.8%, according to Bloomberg data.

SP Setia offered to sell 320.7 million new shares at a...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222