Malakoff to offer a third of shares in $1 bln Malaysian IPO
- IPL spot-fixing case: Delhi Police to trace money trail in four cities
- PM-level talks: India to convey concerns over Ladakh incursion to Chinese Premier
- IPL 2013 LIVE SCORE: Kings XI Punjab vs Mumbai Indians
- Rajapaksa slams Tamil diaspora for lack of support in reconciliation process
- Karnataka CM Siddaramaiah inducts 28 ministers, keeps tainted away
Malaysian builder MMC Corp Bhd will offer nearly a third of the enlarged capital of its power unit Malakaoff Corp Bhd in a share market listing expected in the second quarter of 2013, according to a stock exchange filing.
The $1 billion initial public offering (IPO) of Malaysia's largest independent power producer comes as a series of government-linked privatisations and a strengthening economy have made the country Asia Pacific's top destination for IPOs this year.
Malakoff's IPO will be made up of 500 million new shares and 260.87 million shares contributed by existing shareholders, MMC, which owns 51 percent of Malakoff, said in a filing late on Tuesday.
Besides MMC, selling shareholders include Standard Chartered IL&FS Asia Infrastructure Growth Fund Company Pte Ltd, SEASAF Power Sdn Bhd, Anglo-Oriental (Annuities) Sdn Bhd, Kumpulan Wang Persaraan and the Employees Provident Fund, the filing said.
MMC, controlled by reclusive tycoon Syed Mokhtar Al-Bukhary, took Malakoff private in a 2006 deal, which valued the company at about $2.6 billion.
It said a listing would assist Malakoff's growth by giving it greater financial flexibility and allowing it lower its cost of capital by accessing equity capital markets.
The institutional offering will make up 25.2 percent of Malakoff's enlarged share capital and will comprise all the shares from existing shareholders, as well as 368.5 million of the new shares, MMC said.
The retail portion will involve 131.5 million shares, of which 75 million will be offered to the public, the filing read. The rest are reserved for selected investors.
MMC said that prior to Malakoff's listing it planned to convert all of Malakoff's consolidated redeemable convertible non-cumulative preference shares into ordinary shares, carry out a bonus issue to existing shareholders and subdivide every one existing shares of 1 ringgit each into five of 20 sen each.
- Destitute, orphan students outclass rest in Andhra Class 10 exams
- To re-energise ties, PM wants to visit US, waits for confirmation
- NIA court says no terror link, frees 'Hizbul militant' Liyaqat on bail
- CBI arrests its coal allotments investigator on bribery charge
- ‘Cricketer-bookie Amit may have used Jiju to reach Sree’
- BCCI chief N Srinivasan says police must prove spot-fixing allegations