KUALA LUMPUR: Bumi Armada Bhd's institutional price has been fixed at RM3.03 per share after it had completed the bookbuilding process.

It said on Monday, July 11 the final retail price was fixed at RM3.03 per share, which was 12 sen below the retail offering of RM3.15. The retail offering closed on July 7. The difference of 12 sen would be refunded by the company within 10 market days.

The listing exercise involved an offer for sale of up to 234.277 million shares to Bumiputera investors approved by the Ministry of International Trade and Industry at the institutional price.

There was also a public issue of up to 644.26 million new shares comprising of 563.40 million shares to Malaysian and foreign institutions and approved Bumiputera investors.

The remaining 79.86 million shares were offered to the public, directors and eligible employees.

Based on the 644.26 million new shares at RM3.03 each, this would see RM1.95 billion raised from the listing exercise for the company.