Malaysia's Sunway Construction closes IPO to institutions early

Malaysia's Sunway Construction Group Bhd has closed the institutional portion of its 478 million ringgit (US$125.59 million) initial public offering ahead of schedule, IFR reported on Monday citing a person close to the transaction.

 

Sunway Construction closed the portion on Friday though it was due to close on Tuesday, according to Thomson Reuters publication IFR.

Sunway Construction was not immediately available to comment.

The IPO is Malaysia's second-largest so far this year after the 2.74 billion ringgit raised in May by Malakoff Corporation Bhd, the country's largest independent power producer.

Sunway Construction is selling 327.6 million shares to institutions and 71.1 million shares to retail investors, plus an extra 59.8 million shares in the event of high demand, IFR reported.

A tranche of 191.8 million shares being sold to institutions through the bookbuilding process was five times over-subscribed, IFR reported, citing the unidentified person. The company is expected to price the offer at the top end of an indicative range of 1.15 ringgit to 1.20 ringgit per share, IFR added.

The retail portion closes on Monday, according to IFR.

Maybank Investment Bank and RHB Investment Bank are global coordinators of the IPO and, with HSBC, joint bookrunners.

REUTERS

Read More

China: Shares close higher

[SHANGHAI] China's benchmark stock index closed up 2.41 per cent on Monday in a day of rollercoaster trading after authorities unveiled an unprecedented package of measures designed to shore up a plunging market.

The Shanghai Composite Index jumped 88.99 points to 3,775.91 on turnover of 943.4 billion yuan ($154.2 billion) on Monday. It surged 7.82 per cent at the open but fell as much as 0.92 per cent during the day.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, lost 2.70 per cent, or 56.63 points, to 2,041.85 on turnover of 609.1 billion yuan. It fell as much as 5.53 per cent, wiping out an earlier gain of 6.55 per cent.

The Chinese market - which is partially insulated from the global financial system - was not focused on Greece, which sent most Asian markets down on Monday after Greek voters rejected more austerity demands from creditors.

Read More

Malaysia: Shares end lower on Monday

MALAYSIAN shares ended lower on Monday with the Kuala Lumpur Composite Index losing 17.19 points to close at 1,717.05.

Some 1.54 billion lots, valued at RM1.41 billion were traded. Gainers numbered 158 while losers numbered 646.

Read More

Oil prices firm up after falling on supply data

Oil prices firmed up on Thursday, stabilizing after a steep drop in the previous session after data showing an unexpected increase in U.S. oil stockpiles last week on the back of increased production.

On the New York Mercantile Exchange, crude oil for August delivery edged up 0.17% to $57.05 a barrel after ending the previous session down 4.2%.

Brent crude for August delivery, the global benchmark rose 0.52% to $62.33 after falling 2.5% in the previous session.

Oil prices tumbled after the U.S. Energy Information Administration said in its weekly report on Wednesday that crude stockpiles rose by 2.4 million barrels in the week to June 26.

The consensus forecast had been for a decrease of 2 million barrels.

At 465.4 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.

It was the first supply build since April and added to concerns over a global supply glut.

Global oil production is still outstripping demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.

Read More

Malaysia: Shares end higher

MALAYSIAN shares ended higher on Thursday with the Kuala Lumpur Composite Index adding 5.92 points to close at 1,733.88.

Some 1.46 billion lots, valued at RM1.85 billion were traded. Gainers numbered 388 while losers numbered 351.

Read More