Bumi Armada sees 202.25m shares traded off-market

Bumi Armada Bhd saw a block of 202.25 million shares traded off-market on Thursday at RM2.96 each.

Stock market data showed the shares accounted for a 6.89% stake based on its paid-up of 2.933 billion shares.

At RM2.96 each, this was five sen below the current market price of RM3.01 at 3.57pm. 

Based on Bloomberg data, Objektif Bersatu Sdn Bhd is the largest shareholder with 1.239 billion shares or 42.24%, followed by the Employees Provident Fund at 248.98 million shares and Ombak Damai Sdn Bhd at 225.277 million shares.

The company is undertaking a corporate exercise involving a rights issue which could see it raising RM1.99bil.

On Wednesday, Bumi Armada fixed the issue price of its rights shares at RM1.35 per share, a 32% discount to the theoretical ex-all price of RM1.98 per share (based on five-day VWAMP of RM3.29).

The corporate exercise involves a one for two bonus issue and a renounceable rights issue of up to 1.479 billion shares on a one rights share for every two shares held (excluding the bonus shares).

At RM1.35 per right share, Bumi Armada may raise up to RM1.99bil to fund its aggressive expansion plan assuming all the rights were subscribed.