KUALA LUMPUR: Melaka-based property developer, Teladan Setia Group Bhd’s offer of 40.26 million new shares at 48 sen each to the public, was oversubscribed by 17.47 times. The company, which is seeking to list on the ACE Market on March 16, said on Friday there were 18,396 applications for 743.77 million new shares. For the Bumiputera portion, there were 9,664 applications for 286.29 million shares, which was an oversubscription of 13.22 times. For the remaining public portion, there were 8,732 applications for 457.47 million shares, which was an oversubscription rate of 21.72 times. The 40.26 million shares were offered to the public under the listing exercise, which involved 161.06 million new shares. The 10.46 million shares available for eligible directors, employees, and persons who have contributed to the success of the group were fully subscribed. The private placement of 29.79 million shares available to selected investors as well as 80.53 million shares available to approved Bumiputera investors were fully subscribed. The offer for sale of 40.80 million existing shares were fully placed out. The notices of allotment will be posted to all successful applicants on or before March 15. Teladan Setia’s managing director Richard Teo Lay Ban said the company was delighted with the strong response from the Malaysian public “as well as the market confidence towards our business and the journey we are headed”. “With the proceeds raised, we will be expanding our landbank in Melaka to capitalise on the attractive land prices today. “We believe this is an opportune time for us to expand our footprint and further solidify our market position as one of the top property developers in Melaka, ” Teo said. Teladan Setia said it has a track record of over two decades as a property developer in Melaka and completed property projects worth a total gross development value of RM2.1bil. It has an undeveloped landbank of about 73.9 acres, of which most is located in Melaka.
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