Petra Perdana’s placement price fixed at RM1.32

Petra Perdana Bhd has fixed the price of its private placement of shares to Nam Cheong Dockyard Sdn Bhd at RM1.32, representing a 5% discount to the five-day volume weighted average market price of the stock of RM1.39.

Petra Perdana will raise total gross proceeds of RM39.28 million from the placement. In a statement yesterday, Petra Perdana said it had entered into a subscription agreement with Nam Cheong for the latter to subscribe for 29.76 million new shares, representing 10% of its paid-up capital.

Petra Perdana has also proposed a renounceable rights issue that is slated to be concluded by year-end. The rights issue is expected to raise RM60 million. The corporate exercises are said to help the company raise funds to facilitate the financing of new vessels, repay borrowings and to be used as working capital.


This article appeared in The Edge Financial Daily, June 30, 2010.