KUALA LUMPUR: CIMB Investment Bank says the institutional price of JCY International Bhd has been fixed at RM1.60 per share after the bookbuilding for the institutional portion closed late Wednesday, Feb 10.

It said on Thursday, the retail offer was RM1.52 per share. The retail offering closed at 5pm on Monday.

The earlier indicative retail price for JCY was RM2.

"As the final retail price per offer share is lower than the retail price, a refund of the difference of 48 sen per offer share shall be made without interest in the form of a cheque to the respective successful applications within 10 markets days from the final ballot of the application," it said.

JCY and the selling shareholder had entered into a placement agreement with the placement managers on Wednesday for the sale and purchase of 383 million offer shares at the institutional price.