Malaysian offshore oilfield services firm Bumi Armada's share offering was cut by a third last night and tycoon Ananda Krishnan opted not to sell at all, according to IFR.
Weak demand meant the offering priced at the bottom of the 3.95-4.09 ringgit ($1.29-1.34) range, and only 293 of an initially targeted 440 million shares were sold.
While Ananda opted not to sell the shares in the company owned by his holding vehicle Objektif Bersatu, stakeholding companies Wijaya Sinar, Karisma Mesra, Wijaya Baiduri and Ombak Damai did sell.
The revised deal size is equal to a 10 percent stake in the company, taking the free float to around 40 percent. While the offering was structured as a 144a deal to attract foreign investors, IFR reported that most of the shares sold ended up in local hands.
Bumi Armada shares fell 4.7 percent on Friday to 4.02 ringgit. ALB
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