KUALA LUMPUR (Feb 8): S P Setia Bhd Group has managed to raise RM942.86 million from the placement of 320.7 million shares from its demand from both domestic and foreign institutional investors, a company statement said.
The placement shares represent 15% of the enlarged issued and paid up share capital of the developer and would provide the company with a strong base of anchor shareholders while improving its shares trading liquidity.
Funds raised are to be utilised into ongoing projects in Malaysia and investments abroad, which includes its 40% stake in the redevelopment of the Battersea Power Station in London and the construction of the Qinzhou Industrial Park in China along with its own existing developments in Australia and Singapore.
According to Tan Sri Liew Kee Sin, President and CEO of SP Setia Bhd, “our job now is to consolidate and concentration both execution and delivery to make sure that all the lands and projects secured are transformed into vibrant communities and townships.”
“In addition to this week, we entered into a joint-venture with Kumpulan Perangsang Selangor to create an eco-sanctuary out of 194 acres of land,” he said in the statement on Friday.
S P Setia acquired the British High Commission land and swapped its INIH Complex for 52 acres of land in Bangsar in their financial year 13.
The company has also launched its Setia Eco Glades project in Cyberjaya and Setia EcoHill Township in Rinching.
In a note by S P Setia, the placed shares were fixed at RM2.94 per share, a 6.87% discount to the five-day volume weighted average price of S P Setia’s shares up to February 6, of RM3.16.