Tuesday, February 8, 2011

Kencana's new 166.69m shares placed out at RM2.38 each

KUALA LUMPUR: KENCANA PETROLEUM BHD []'s 166.69 million new shares were placed out at RM2.38 each and raised gross proceeds of RM396.7 million.

Maybank Investment Bank Bhd, which acted as a joint adviser and joint placement agent, said on Tuesday, Feb 8 said the issue price of RM2.38 was a discount of about 1.65% to the closing market price of RM2.42 on Jan 25.

Maybank Investment Bank chief executive officer Tengku Datuk Zafrul Tengku Abdul Aziz said the private placement received very strong demand from both international and domestic institutional investors 'indicating investors confidence in the future prospects of Kencana Petroleum'.

He said this was despite the very tight discount to the closing market price and correction in the Asian equity markets.

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