KUALA LUMPUR (Oct 5): Sime Darby Berhad’s proposed placement, the biggest primary placement in Southeast Asia in almost 3 years, has received overwhelming demand of over RM6.2 billion from institutional investors for shares of the multinational conglomerate. It said the exercise involved the offer of 316.35 million new shares of Sime Darby. Sime Darby president and group chief executive Tan Sri Mohd Bakke Salleh said the placement exercise will raise a total of RM2.36 billion for Sime Darby. Sime Darby is the world’s biggest producer of certified sustainable palm oil and is a key player in the industrial equipment and motors businesses in the Asia Pacific region. Sime Darby will use the proceeds to repay borrowings, fund capital expenditure and working capital as well as to pay for the placement expenses.

Source: The Edge Markets October 05, 2016 01:30 UTC