In a statement, Yinson said that the exercise involved 120 million new ordinary shares, representing about 4.1% of the total number of issued shares, excluding the company’s treasury shares, to a selected group of institutional investors.

The company said the Retirement Fund (Incorporated) (KWAP) subscribed 50 million shares as the anchor investor supporting the transition placement.

“As a signatory to the UN Principles for Responsible Investment (UNPRI), KWAP’s commitment towards responsible investment practices underscores this mobilisation of capital,” it added.

Group CEO Lim Chern Yuan said prospects for the company’s renewables and green technologies businesses have never been stronger, given the world’s critical need to strengthen global clean energy infrastructure to facilitate a just and equitable energy transition.

“Proceeds from this placement will enable us to accelerate our strategic plans for Yinson Renewables and Yinson GreenTech to capitalise on market opportunities, which we are confident will contribute to stronger, sustained returns over the long-term,” Lim said.

As at 5pm, Yinson’s share price was up by 4 sen or 1.72% at RM2.36, giving it a market capitalisation of RM7.23 billion.