Tuas, the TPG Telecom Singapore spin-off, has successfully completed a $75 million share purchase plan. The initiative was undertaken to support its acquisition of telecommunications company M1 from Keppel Corporation, an asset management firm. Tuas provides telecommunication services, delivering mobile and fixed network products to consumers and enterprises. The company aims to deliver innovative and competitive solutions in the Singaporean market.
The share purchase plan, initially targeting $50 million, was significantly oversubscribed. Tuas received applications from approximately 3,000 shareholders requesting a total of $75 million in funds. A minimum acceptance for applications was set at $500.
Due to the high demand, the number of shares allocated to each shareholder has been scaled back. The company stated that allocations were adjusted based on the applicant’s holdings as of the record date. To mitigate the risk of shareholders holding less than a marketable parcel of securities, Tuas applied the $500 minimum acceptance to all applications, ensuring all eligible applicants receive a share allocation.
Tuas will allot 9 million shares at a price of $5.51 each on Thursday. Confirmation statements and refunds will be processed and distributed to shareholders on Friday. Normal trading of the new shares is scheduled to commence on Monday.
