Bursa-listed Malaysia Smelting Corporation Berhad, the integrated tin mining and tin smelting group, announced that its IPO was 0.9 times oversubscribed.

Malaysia Smelting Corporation’s IPO comprised 25 million ordinary shares at $1.75. In total, applications amounting to 47,749,500 offering shares -- comprising valid applications for 23,759,500 offer shares and 23,990,000 placement shares.

Malaysia Smelting Corporation says it intends to use $8.3 million of the net proceeds of $40.1 million for the expansion of mining and smelting operations through the acquisition of plant and machinery, $26.2 million for the development of new mines, and $5.6 million for general working capital.