NWE Resources’ IPO Public Portion Oversubscribed 2.82 Times

KUALA LUMPUR, Oct 13 (Bernama) -- NWE Resources Group Bhd’s initial public offering (IPO) portion made available to the Malaysian public was oversubscribed by 2.82 times ahead of its listing on the ACE Market of Bursa Malaysia.

In a filing with Bursa Malaysia today, the company said a total of 3,068 applications for 103.16 million issue shares were received from the Malaysian public.

“For the Bumiputera portion, a total of 1,536 applications for 38.93 million issue shares were received, representing an oversubscription rate of 1.88 times.

“For the public portion, a total of 1,532 applications for 64.23 million issue shares were received, representing an oversubscription rate of 3.76 times,” it added.

NWE Resources said the 10.8 million issue shares made available for application by eligible persons had been fully subscribed.

Meanwhile, the 105.34 million issue shares made available by way of private placement to selected investors had been fully placed out by the placement agent, it said.

The company said the private placement shares had been allocated to 16 identified investors, with none becoming a substantial shareholder arising from the IPO.

-- BERNAMA