TAS Offshore’s Public Offer Oversubscribed 19.47 Times

Wednesday, August 19th, 2009

KUALA LUMPUR, Aug 19 (Bernama) — TAS Offshore Bhd’s public offer of 9.0 million shares has been oversubscribed by 19.47 times, Malaysian Issuing House Sdn Bhd announced Wednesday.

It said 13,487 applications for 184,252,800 shares were received from the Malaysian public.

For the 2.7 million shares set aside for allotment under the Bumiputera category representing 30 percent of the shares offered for public subscription, 3,946 applications for 43,835,200 shares were received, giving an oversubscription rate of 15.24 times.

The balance of 6.3 million shares alloted under the public category were oversubscribed by 21.29 times after 9,541 applications for 140,417,600 shares were received.

Export-oriented shipbuilder TAS Offshore is enroute to a listing on the Main Market of Bursa Malaysia.

The exercise involved a public issue of 77 million new ordinary shares and an offer for sale of 11 million shares of 50 sen each at 90 sen a piece.

Of the total, 3.5 million shares were made available for application by eligible directors, employees and persons who have contributed to the group’s success, 9.0 million for the Malaysian public, 21.5 million by way of placement to identified investors and 54.0 million for Bumiputera investors approved by the International Trade and Industry Ministry.

Pursuant to the terms of the prospectus, 35.790 million unsubscribed shares intially made available for application by Bumiputera investors approved by the ministry were made available to the Bumiputera public.

All notices of allotment for these shares would be mailed to successful applicants on or before Aug 27, the issuing house said.

Source: Bernama