YTL Cement Bhd, the largest shareholder of Malayan Cement Bhd, is set to raise up to RM755 million by selling a 7.2% stake in the company through a secondary placement of up to 100 million shares.
The shares are priced at RM7.55 each, representing a discount of 3.58% to the last closing price of RM7.83. The placement includes a base tranche of 65 million shares (4.7% of Malayan Cement’s existing share capital) and an upsized option for an additional 35 million shares, if fully exercised.
The bookbuilding for the placement closed on Thursday, with payment and share allocation scheduled for Jan 20.
YTL Cement currently holds a 65.4% stake in Malayan Cement, with Prudential plc as the second-largest shareholder at 8.43%. Over the past year, Malayan Cement’s shares have surged over 60% to a high of RM8.10, their highest since January 2017. At the time of writing, the stock was at RM7.70, giving the company a market capitalisation of RM10.64 billion.
