Business Times – 27 Apr 2011
Hyflux preference shares up 3.1% on debut
Issued at $100 apiece, the stock closes at $103.02 on first trading day
By JAMIE LEE
HYFLUX’S preference shares, issued at $100 apiece, surged as much as $3.10 or 3.1 per cent to $103.10 on its trading debut yesterday. The stock, traded in board lots of 10 shares each, closed the day at $103.02. It attracted attention for its annual 6 per cent dividend rate. Hyflux has the option to redeem the shares on or after April 25, 2018. If not redeemed then, the dividend rate will step up to 8 per cent.
With the minimum purchase under the public offer of 100 shares, retail investors who missed out on the shares in the ballot would have had to fork out some $300 more yesterday for the same number of shares …