Gasan bonds oversubscribed

Gasan Finance Company announced yesterday that following strong demand from the public for its Lm3.5 million 6.4 per cent bonds 2008-2011, the issue has been oversubscribed and was now closed.

The company has opted to exercise the over-allotment option to increase the issue to Lm5 million, the company said.

Company chairman Joseph A. Gasan said that the issue, which had been scheduled to close on Wednesday, closed yesterday within an hour and a half from opening.

Over 70 per cent of the 6.15 per cent 2003/4 bond holders opted to rollover.

The counting of the applications was still being processed, but it was clear that there were at least 3,500 applications with a total value in excess of Lm12 million, the company said. The basis of the allocation policy will be announced next week.