KUALA LUMPUR, June 11 (Reuters) - Malaysian palm oil producer Boustead Plantations Bhd has raised 1.05 billion ringgit ($327.05 million) by selling shares priced at the top of guidance, the company said in a statement to the stock exchange.
The plantation arm of financial-to-defence conglomerate Boustead Holdings Bhd priced its initial public offering (IPO) at 1.60 ringgit a share. That compared with an indicative price range of 1.50 ringgit to 1.60 ringgit.
The institutional offering was oversubscribed by 12.4 times.
Boustead Plantations plans to use the proceeds to expand its planted area to 100,000 hectares from 71,000 hectares by 2017 by buying plantation estates and reserve land mainly in Malaysia.
Affin Investment Bank, Credit Suisse and Maybank Investment Bank acted as the IPO’s the global co-ordinators.
$1 = 3.2105 Malaysian Ringgit Reporting by Yantoultra Ngui; Editing by Christopher Cushing