BIMB to issue 222.22 million new shares to raise RM795.6 million

KUALA LUMPUR: BIMB Holdings Bhd will be issuing 222.22 million new shares, representing 12 per cent of its issued share capital to raise RM795.6 million.

It said the book building exercise in relation to the placement of its shares was completed yesterday and oversubscribed with demand from both existing shareholders and new investors.

Its board fixed the issue price at RM3.58 per placement share, which represents a discount of approximately 9.4 per cent to the volume weighted average price of BHB shares for the five market days up to and including April 12, 2021, of RM3.9521.

Separately, the bank informed Bursa Malaysia that BIMB’s securities will resume trading on Wednesday at 9am.

Trading of BIMB was suspended until 5 pm today, pending a material announcement in relation to its fundraising exercise.

BIMB is currently undertaking a restructuring exercise, which is slated for completion in August, where its fully-owned subsidiary, Bank Islam Malaysia Bhd will assume its main market listing status. The stock exchange operator approved the request yesterday.