steelmaker-completes-malaysias-largest-ipo-this-year

Steelmaker completes Malaysia's largest IPO this year

Perwaja Holdings, a spin-off from Kuala Lumpur-listed Kinsteel, raises $111 million.
Upstream steelmaker Perwaja Holdings has raised M$367 million $111 million from MalaysiaÆs largest initial public offering so far this year. However, two-thirds of the shares were offered to existing shareholders of its controlling shareholder, Kuala Lumpur-listed Kinsteel, at a discounted price and 14.9% went to employees and retail investors, leaving only 17.4% for the private placement to institutional investors.

A source close to the company says the somewhat unusual offering structure û especially with regard to the split price û was implemented as an incentive to KinsteelÆs shareholders as Perwaja contributes a significant portion of KinsteelÆs profit and the spin-off means losing part of that. However, the backing by KinsteelÆs controlling shareholders would also have...
¬ 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