BRetail shares oversubscribed by 17.52 times

Shares of Berjaya Retail Bhd (BRetail) were oversubscribed 17.52 times when its initial public offering (IPO) closed last Thursday.

Berjaya Corporation Bhd (BCorp), in an announcement to Bursa Malaysia yesterday, said it had received a total of 7,562 applications for 55.57 million ordinary shares of 50 sen each from its shareholders in respect of the three million BRetail shares reserved for BCorp’s minority shareholders.

BCorp said it had approved the basis of allocation for the applications to allow for those who held odd lots of BRetail pursuant to their entitlements of the BCorp dividend-in-specie to top up their holdings in BRetail to a full board lot. It would then allocate BRetail shares on a pro-rata basis to minority shareholders of BCorp based on the quantum of shares applied.

In September last year, BCorp proposed the relisting of Singer (M) Sdn Bhd and 7-Eleven (M) Sdn Bhd on Bursa Malaysia under the BRetail banner.

Last month, BRetail received approval from Bursa for the listing of its entire paid-up capital of RM387.5 million comprising up to 775 million shares of 50 sen each and up to RM481.22 million comprising up to 962.43 million irredeemable convertible preference shares (ICPS) of 50 sen each.


This article appeared in The Edge Financial Daily, July 27, 2010.