SP Setia Shareholders Approve Share Placement Proposal

Last update: 23/02/2011

SP Setia Berhad President and Chief Executive Officer Tan Sri Liew Kee Sin (right) at press conference after the SP Setia Berhad 36th annual general meeting at Canopy Club, Setia Echo Park.Pic:Azman Firdaus

SHAH ALAM, Feb 23 (Bernama) -- SP Setia Bhd shareholders approved a proposal for the placement of up to 15 per cent of its issued and paid-up share capital.

The placement would involve the issuance of up to 152.52 million new shares with part of the proceeds to be used for the group's existing development projects like the KL Eco City in Kuala Lumpur, Setia City in Setia Alam, Selangor and the Fulton Lane project in Melbourne, Australia.

The shareholders gave their approval at an extraordinary general meeting held after the group's annual general meeting here Wednesday.

Speaking to reporters after the meetings, the group's President and Chief Executive Officer Tan Sri Liew Kee Sin said the group hoped to raise between RM1 billion and RM2 billion from the book building placement issue.

As at January 14 this year, substantial shareholders of the group were Liew with a direct interest of 9.19 per cent while the Employees Provident Fund held 14.47 per cent, Permodalan Nasional Bhd 6.62 per cent and Skim Amanah Saham Bumiputera 20.12 per cent.

The group's shareholders today also approved a proposal for bonus issue on the ratio of one new share for two existing shares held after the proposed share placement.

They also approved SP Setia's proposal to increase the authorised share capital to RM2.25 billion comprising three billion shares from RM1.2 billion comprising 1.6 billion shares currently.