SHARES of construction company Wee Hur Holdings yesterday posted a strong debut on the local market’s main board, closing at a 24 per cent premium to their offer price, despite a weak day throughout the broad market.
Wee Hur, which had offered about 83.65 million shares (including 4.74 million vendor shares) at 25 cents each, saw its shares trade between 30 and 33 cents before closing at 31 cents, with 29 million units changing hands for the day. In a news release, the firm said its offer exercise had been 1.4 times subscribed and that despite the poor market conditions, it had attracted institutional interest from AIG Investment Corporation, Merrill Lynch, JL Capital and UOB Asset Management.
Overall market sentiment was weak yesterday ahead of a key US interest rate meeting, with the Straits Times Index reversing a 20-point rise to close 49.87 points lower for the day at 3,000.03.
Source : Business Times - 31 Jan 2008
