While the trading pattern may seem like an “error in trading” could have taken place, a Bursa Malaysia representative when contacted byStarBizWeek clarified: “With regards to the eight stocks which hit their limits-up (two) and down (six), Bursa Malaysia has investigated the matter and has confirmed with the broker that the basket order, which was from their institutional client, was valid and genuine.”
In yesterday's trade, Hap Seng shed 81 sen to RM1.89, Batu Kawan lost RM5.76 to RM13.46, TDM declined RM1.24 to RM2.90, CBIP decreased 82 sen to RM1.93, Coastal Contracts was down 62 sen to RM1.48, andBerjaya Sports Toto fell RM1.01 to RM3.20.
AirAsia X Bhd's initial public offer (IPO) of up to 790.12 million shares, which includes the issuance of new shares, will see its market capitalisation increase to RM3.43bil, based on the enlarged share capital of 2.37 billion shares.
In its summary prospectus issued on Monday, AirAsia X said the enlarged paid-up would be 790.12 million shares comprising an offer for sale of up to 197.53 million existing shares and a public issue of 592.59 million new shares.
AirAsia X said the floatation exercise includes the sale of 197.53 million existing shares and 592.59 million new shares. The institutional offering would involve 538.01 million shares while the retail offering would be 252.11 million shares.
The listing exercise would enable AirAsia X to raise RM859.26mil from sale of 592.59 million new shares at an indicative retail price of RM1.45 a share.
Of the gross proceeds of RM859.26mil, it said RM280mil would be used a capital expenditure, another RM285.81mil for repayment of bank borrowings, RM255.45mil as general working capital and the remaining RM38mil for listing expenses.
The low-cost carrier posted revenue of RM535.27mil for the first quarter ended March 31, 2013, compared to RM1.28bil in the year to Dec 31, 2012.
Its net profit during the first quarter of 2013 and financial year ended Dec 31, 2012 stood at RM50.19mil and RM33.85mil, respectively.