Listing call: (From left) M&A Securities managing director Datuk Bill Tan Choon Peow, Teladan Setia managing director Richard Teo Lay Ban, Tricor Group Malaysia group managing director and CEO Yeap Kok Leong, Teladan Setia chairman Roy Thean Chong Yew and MITI-AKI, Outreach & Shares principal assistant director Datin Zakiah Syerina Balqis Taha at the public issue balloting ceremony of Teladan Setia. PETALING JAYA: Teladan Setia Group Bhd, which is en route to being listed on the Ace Market of Bursa Malaysia on March 16, saw its initial public offering (IPO) oversubscribed by 17.47 times. In a statement yesterday, the Melaka-based property developer said a total of 18,396 applications for 743.77 million new shares with a value of RM357.01mil were received for 40.27 million new shares made available for application by the Malaysian public. It said for the bumiputra portion, a total of 9,664 applications for 286.29 million new shares were received, which represents an oversubscription rate of 13.22 times. For the public portion, a total of 8,732 applications for 457.48 million new shares were received, which represents an oversubscription rate of 21.72 times. “The 10.47 million new shares available for application by eligible directors, employees and persons who have contributed to the success of Teladan Setia and its subsidiaries have also been fully subscribed, ” the company said. In addition, it said the placement agent, M&A Securities Sdn Bhd, had confirmed that the 151.13 million shares made available for application by way of private placement have been fully placed out. According to reports, Teladan Setia aims to raise RM77.3mil from its initial public offering exercise. From the proceeds, RM35mil will go to land acquisition in Melaka while RM33.1mil will go towards working capital for project development, and the remainder to repay borrowings and cover listing expenses. Teladan Setia will have a public issue of 161.1 million new shares, representing 20% of its enlarged share capital, together with an offer for sale of 40.8 million existing shares. The public issue will comprise 40.3 million new shares for the Malaysian public, 10.5 million for directors, employees and eligible persons, 80.5 million by way of private placement to Bumiputera investors and 29.8 million by way of private placement to selected investors.
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