Tuesday, 14 February 2012

Sentoria's public offer of 20m new shares oversubscribed 5.4 times

KUALA LUMPUR (Feb 14): Sentoria Group Bhd’s offer of 20 million new shares to the public at an 85 sen each under its listing exercise was oversubscribed by 5.4 times.

The company, which is seeking a listing on the Main Market of Bursa Malaysia Securities Bhd, received 6,829 applications for 127.2 million shares with a total value of RM108.1 million.

Sentoria’s listing exercise entailed a public issue of 60 million new ordinary shares and an offer-for-sale of 40 million promoters’ shares.

Of the 60 million new shares under public issue, 20 million were allocated for public balloting and 10 million shares for eligible directors, employees and business associates of the group at 85 sen per share. The other 30 million shares were allocated for private placement at 87 sen per share.

The 40 million promoters’ shares, allocated for Bumiputera investors approved by the Ministry of International Trade and Industry, were priced at 87 sen each.

Sentoria’s listing exercise raised RM51.6 million for the group, of which RM27.7 million would be for working capital; RM11.2 million for repayment of bank borrowings; RM9.0 million for purchase of property, plant and equipment; and the balance RM3.7 million to defray listing expenses.

Sentoria, which is scheduled to list on the Main Market of Bursa Malaysia on Feb 23, is the developer and operator of Bukit Gambang Resort City in Kuantan.

The integrated resort city covering 547 acres offer attractions including the Bukit Gambang Water Park and Active Academy, as well as facilities for meetings, incentives, conventions and exhibitions and 998 accommodation rooms for families and corporate groups.

For the 10-month period ended July 31, 2011, group revenue rose 53.4% to RM143.7 million from RM93.7 million in the previous corresponding period. Group net profit rose by 222.0% to RM38.1 million from RM11.9 million.

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