41.45 million new shares to be offered
The placement will be up to 41.45 million new shares, which will be offered to the investors approved by the Ministry of Investment, Trade and Industry (Miti). The move is aimed at fulfilling the company’s Bumiputera equity requirement. The proposed placement, which makes up 12.5 per cent of Winstar’s enlarged share capital, will have its issue price fixed at a later date, the aluminium products manufacturer said in a filing to Bursa Malaysia.
“Under listing rules, Winstar must allocate 12.5 per cent of its enlarged issued shares to Bumiputera investors approved or recognised by Miti, either within five years of its ACE Market debut on Bursa Securities, or within one year of meeting the profit threshold for a Main Market listing,” said the company.
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For listed companies like Winstar Capital, Bursa Malaysia requires that a certain percentage of their shares be allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI). This is known as the Bumiputera equity requirement, and it is designed to ensure that indigenous Malaysians have meaningful participation and ownership in the corporate sector.
