Malaysia's IOI property shares up 28 per cent in debut
KUALA LUMPUR (AFP) - Shares of Malaysian conglomerate IOI Corp.'s property business rose 27.9 per cent on their stock market debut on Wednesday after the palm-oil producer raised 1.87 billion ringgit (S$723 million) by spinning of the unit.
IOI Properties Group Bhd shares opened 3.21 ringgit, up from their 2.51 ringgit offer price, with IOI Properties Group one of the top property stocks on the Malaysian bourse.
IOI has said it will use the proceeds from its listing for debt settlement and future expansion.
IOI owns large tracts of land in Malaysia, including in the huge Iskandar economic zone in the country's south near the border with Singapore.