Malaysia's social security office Socso sold 170 million shares in PLUS Expressways yesterday January 10 in a placement led by CIMB and Credit Suisse First Boston. The deal was timed to take advantage of a potential spike in the company's share price following news that the government has endorsed its scheduled 10% toll rate hike.
Specialists also report that Socso needed to offload some of its PLUS stake for diversification purposes as it was too heavily weighted in the stock. As a result of the sale, equating to 3.4% of the company's issued share capital, Socso has a 1.2% stake remaining.
The deal was completed against a...
