PETALING JAYA: ACE Market-bound Northeast Group Bhd’s issue of 37 million shares to the public has been oversubscribed by 73.42 times, according to the Malaysian Issuing House Sdn Bhd.
In a statement, the issuing house said a total of 29,702 applications for 2.75 billion issue shares with a value of RM1.38bil were received from the Malaysian public for the public portion of the initial public offering.
In its breakdown, it said 14,238 applications for 1.1 billion issue shares were received for the bumiputra portion for an oversubscription rate of 58.49 times.
A total of 15,464 applications for 1.65 billion issue shares were received for the other public portion, for an oversubscription rate of 88.36 times.
Additionally, the 29.6 million issue shares made available for application by the eligible directors and employees as well as business associates who have contributed to the success of the group have been fully subscribed.
