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KUALA LUMPUR (Jan 20): Malayan Cement Bhd said its largest shareholder, YTL Cement Bhd, has disposed of 82.41 million shares representing a 5.95% stake confirming an earlier report by The Edge.
In a bourse filing, the group said the block of shares was sold via a direct business deal, though the transaction price was not disclosed.
The Edge previously reported that a term sheet indicated YTL Cement is selling the shares at RM7.55 apiece, reflecting a 2.94% discount to the one-day volume-weighted average price (VWAP) and a 3.61% discount to the five-day VWAP.
The placement of up to 100 million shares equivalent to a 7.2% stake in Malayan Cement is expected to raise as much as RM755 million.
The bookbuild closed at 7pm on Thursday (Jan 15), with payment and share crediting scheduled for Jan 20.
A YTL Cement spokesperson said the disposal is intended to enlarge Malayan Cement’s public float, which Bloomberg data shows currently stands at around 29%.
Following the sale, YTL Cement’s stake in Malayan Cement has been reduced to 59.25%, while Prudential plc remains the second-largest shareholder with 8.43%.
Shares in Malayan Cement ended one sen or 0.1% lower at RM7.59 on Monday, valuing the group at RM10.52 billion.
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