Issue filled 104 times
NZPA-Reuter Singapore Singaporeans have forked out a staggering sSing3.l billion (SNZ2.6B billion) — almost one-and-a-half times the national defence budget — trying to buy a share with a par value of 20c (NZl7c). The offer of 18.75 million Avimo Singapore shares at $1.75 was oversubscribed 104 times and set a new record for application money received, underwriters N. M. Rothschilds said.
After Wednesday’s balloting, only one in 27 of those who applied for 1000-share lots will get scrip in what one broker said was a “ridiculously oversubscribed” issue. Most of the money will be returned to unsuccessful applicants. Singaporeans, known for their love for gambling, are fervently turning to shares less than 18 months after the failure of Pan-Electric Industries triggered one of the worst market crises.
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Press, 24 April 1987, Page 29
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129Issue filled 104 times Press, 24 April 1987, Page 29
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