KUALA LUMPUR, Dec 26 — IOI Properties Group Bhd (IOIPG), which is tentatively slated for a Main Board listing on Jan 15, 2014, will be the first initial public offering next year and is set for a RM8.130 billion market capitalisation at the reference price of RM2.51 per share.
In a filing to Bursa Malaysia, its parent company IOI Corporation Bhd (IOI Corp) said it would distribute 2.13 billion IOIPG ordinary shares of RM1.00 each to shareholders by way of distribution-in-specie on the basis of one IOIPG share for every three existing ordinary shares of 10 sen each held in IOI Corp.
“IOI Corp shall make available 1.065 billion IOIPG shares for sale on a non-renounceable basis to the entitled shareholders on the basis of one restricted offer share for every six existing IOI Corp shares held as at 5 pm on the entitlement date, at the offer price,” it added.
The company said IOIPG would not receive any proceeds from the listing as no new shares would be issued. The restricted offer for sale was expected to raise proceeds of about RM1.875 billion, it added.
In its prospectus, IOIPG said among the reasons for its listing were to demerge IOIPG from IOI Corp Group that would provide a platform for the respective entities to pursue different growth and business strategies, greater visibility on the separate performance of the companies’ respective businesses and to allow IOIPG to gain further recognition via listing. — Bernama
