Thursday, 12 April 2012

IOI’s Bumitama debuts on Singapore exchange, up 36%

KUALA LUMPUR (April 12) : IOI Corp Bhd’s 30.4% associate Bumitama Agri Ltd rose as much as 36% on the PLANTATION [] firm’s debut on the Singapore bourse on Thursday.

Bumitama shares added 27 cents to an intraday high of S$1.02 before trading lower at 98 cents at noon for a market capitalisation S$1.72 billion (RM4.21 billion). At 30.4%, IOI’s stake in Bumitama is worth S$523 million.

For comparison IOI shares declined three sen to RM5.37 on the Malaysian bourse during lunch break for a market value of RM34.5 billion.

The Hongkong and Shanghai Banking Corp Ltd and DBS Bank Ltd are joint managers, bookrunners, and underwriters for Bumitama’s initial public offering.

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