D'TIARA Corp Ltd, the property arm of Oilcorp Bhd, expects to raise an estimated RM300 million from an initial public offering (IPO) in London, the UK.
D'Tiara executive director Pua Yow Liang said the money will be used to fund its projects and as working capital for the D'Tiara Beach Resort in Port Dickson, Negri Sembilan.
The actual proceeds will depend on investor interest, which will be gauged during roadshows for the IPO, Pua told reporters after Oilcorp's extraordinary general meeting (EGM) in Kuala Lumpur yesterday.
The roadshows, which will kick off next month, will cover the Middle East and Europe. D'Tiara's shares are due to be listed on the London Stock Exchange's AIM in May.
D'Tiara will also be posting its first-ever profits after three years of losses.
Oilcorp's shareholders approved the proposed IPO of D'Tiara at the EGM yesterday.
As part of the listing plan, Oilcorp is selling its entire interest in D'Tiara Corp Sdn Bhd for RM119.75 million in exchange for new shares in D'Tiara.
By New Straits Times (by Roziana Hamsawi)
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