Yesterday, Sime Darby (SIME:MK) raised $571 million in a private placement of 316.4 million shares. The private placement was oversold with demand greater than shares issued. Demand was for close to $1.5 billion in equity, or about 2.5x greater than the capital raised.

The deal issued 316.4 million new shares priced at 7.45 ringgit, a 3.0% discount to Sime Darby’s five-day volume weighted average of 7.68 ringgit.

This is the third largest equity capital market deal in SE Asia in 2016. In July Malaysia Building Society raised $711 million on a rights issue and in June Frasers Logistics raised $665 million in an initial public offering in Singapore.

Sime Darby will reportedly use the proceeds for debt repayment, capital expenditures and working capital, and financing for the private placement issue itself. The company reported that its focus will be on reducing its debt-to-equity ratio to 38% from 46%.

Sime Darby is the world’s largest palm oil producer measured by hectares. Sime Darby also has real estate, automotive, and industrial equipment divisions.

In 2016, Sime Darby has raised capital through other portfolio alignment activities. It raised $78 million from selling part of its stake in Eastern & Oriental and raised $131 million from selling land in Malaysia and Singapore. It also disposed of other real property assets in Singapore and Australia. Finally, Sime Darby has announced 3% job cuts in its industrial division.