Prolintas trust tumbles below IPO price after arrest of directors
Prolintas Infra Business Trust’s units fell as low as 81 sen, 14.7% below its IPO price of 95 sen.
Read More: https://www.freemalaysiatoday.com/category/highlight/2024/06/26/prolintas-trust-tumbles-below-ipo-price-after-arrest-of-directors/
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Read More: https://www.freemalaysiatoday.com/category/highlight/2024/06/26/prolintas-trust-tumbles-below-ipo-price-after-arrest-of-directors/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00Prolinta's Infrabusiness Trust Units tumbled as much as 14.7%, below its initial public
00:07offering price after it confirmed the arrest of several of its directors this morning.
00:12The Trust Units opened at 86 cent, down 5 cent or 5.5% at 10am after a one-hour suspension
00:19from 9am.
00:20It dropped to 81 cent before pairing its losses to 89 cent at the midday break, valuing the
00:26Trust at RM979 million.
00:29It debuted on Bursa Malaysia's main market on March 24th this year, at an IPO price of
00:3595 cent.
00:37In a Boris filing today, its trustee manager, Prolinta's manager Sindiran Berhad, said
00:41it was aware some of its directors have been remanded by the Malaysian Anti-Corruption
00:46Commission to assist in an investigation.
00:49It also said the individuals concerned have been given leave of absence, commencing from
00:52June 26.
00:53Meanwhile, PMSB said Trust would continue its business as usual, with an interim executive
00:59management team led by its non-executive chairman, Iqbal Hijaz Hashim.
01:03Sam Yotra, FMT News.