Malacca Trust, the Indonesia-based financial services group, says at the close of the invitation at 12.00 noon on 22 July 2011, 296 applications to subscribe to a total of 28,933,000 offer shares were received for its public offering of 2 million shares.
Including its private placement of 83 million, Malacca Trust invitation was 1.32 times subscribed.
Malacca Trust plans to use $16 million out of the net proceeds of $16.7 million to repay bank borrowings incurred mainly for the tender offer of PT Batavia Prosperindo Finance Tbk and the proposed investment in PT Asuransi Wuwungan.
Trading of Malacca Trust’s shares on Catalist will start tomorrow.
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