Keyfield International Berhad made its trading debut on the Main Market of Bursa Malaysia Securities Berhad this morning opening at RM1.70, representing a premium of 88.88% over its initial public offering price of RM0.90, with an opening volume of approximately 18,661,100 shares.
The 40.0 million newshares made available for the Malaysian public were oversubscribed by 9.69 times, while the 71.8
million and 73.2 million new shares available via private placement to selected investors and MITIapproved Bumiputera investors, respectively, were fully placed out.
The listing exercise successfully raised RM188.1 million, of which RM61.5 million or 32.7% it said will be utilised to redeem Keyfield’s cumulative redeemable non-convertible preference shares. Keyfield is also allocating RM65.0 million or 34.6% and RM35.0 million or 18.6% to settle the balance purchase consideration for two vessels, namely Blooming Wisdom and Keyfield Helms 1 respectively. RM26.6 million or 14.1% has been earmarked to repay bank borrowings, working capital and listing related expenses.
