Dana Mutiara Bhd ., a publicly quoted closed-end fund, yesterday became the first local company to cancel an initial public share offer because it failed to reach a minimum subscription amount of 150 million ringgit ( $ 45.1 million ).
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Units were sold at the par value of 100 dirhams ( $ 28 ) during the initial offer period, with a minimum subscription of 10, 000 dirhams, or 100 shares, and additional units sold in increments of 5, 000 dirhams.
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"Although the minimum subscription to the fund is only $ 20, 000, ING Barings are restricting their marketing of the fund to their international institutional client base and not to small investors, " said John Coales, one of SAIF's public relations directors.
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Dana Mutiara Bhd ., a publicly quoted closed-end fund, yesterday became the first local company to cancel an initial public share offer because it failed to reach a minimum subscription amount of 150 million ringgit ( $ 45 . 1 million ).
