Malaysia’s SP Setia raises $304 million from new share issue

SP Setia, a leading property developer in Malaysia, has raised M$942.9 million $304 million from an earlier flagged share issue. The money will be used to fund existing and new projects, including the Battersea power station in London, which it is redeveloping together with the property arm of Sime Darby and the Employees Provident Fund EPF.

The share sale, which accounted for 15% of the existing share capital, should also help address the company’s illiquid shareholding structure. Following the new issue, the free-float will increase to about 29.4% from just 18.8%, according to Bloomberg data.

SP Setia offered to sell 320.7 million new shares at a...