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Friday, September 26, 2014

Lim Thean Shiang offers to buy Daya shares (Edge)

Daya Materials Bhd said it has received an offer letter from Datuk Lim Thean Shiang to subscribe to 100 million placement shares at 26.5 sen each, amounting to a total of RM26.5 million.

In a filing with Bursa Malaysia yesterday, Daya Materials said the issue price represents a discount of 2.78 sen or 9.49% to the five-day volume weighted average market price up to and including Sept 24 of 29.28 sen, being the last trading day prior to the offer date. Lim is an independent non-executive director of MSM Malaysia Holdings Bhd and formerly the executive chairman of PKFZ Sdn Bhd.

On Aug 22, Daya Materials announced a series of fundraising exercises, which included a proposed private placement of up to 25% of the company’s issued and paid-up share capital (of RM138.88 million, comprising 1.389 billion shares of 10 sen par each), entailing 347.2 million placement shares.  The exercise was to part finance its acquisition of two offshore subsea construction vessels  for a total of U$285.5 million (RM927.87 million).  The placee(s) for the balance of up to 247.2 million placement shares shall be identified at a later stage.

The counter closed down 0.5 sen or 1.69% to 29 sen yesterday, giving it a market capitalisation of RM402.76 million.

This article first appeared in The Edge Financial Daily, on September 26, 2014.

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