Malaysia

BIMB raises RM795.6mil via private placement

KUALA LUMPUR (Bernama) — BIMB Holdings Bhdimage will be issuing 222.22 million new shares, representing 12% of its issued share capital to raise RM795.6 million.

It said the book building exercise in relation to the placement of its shares was completed today and oversubscribed with demand from both existing shareholders and new investors.

Its board fixed the issue price at RM3.58 per placement share, which represents a discount of approximately 9.4% to the volume weighted average price of BHB shares for the five market days up to and including April 12, 2021, of RM3.9521.

Separately, the bank informed Bursa Malaysia that BIMB’s securities will resume trading on Wednesday at 9 am.

Trading of BIMB was suspended until 5 pm today, pending a material announcement in relation to its fundraising exercise.

BIMB is currently undertaking a restructuring exercise, which is slated for completion in August, where its fully-owned subsidiary, Bank Islam Malaysia Bhd will assume its main market listing status. The stock exchange operator approved the request yesterday.

The financial group’s share was last traded at RM3.94.

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