KUALA LUMPUR: Malaysia’s UMW Holdings Bhd plans to sell 39 percent of its oil and gas unit in an initial public offering this year that could raise up to $1bn, a source said yesterday.
The state-backed conglomerate’s announcement is the latest in a slew of planned listings, looking to build on last year’s momentum that saw the Southeast Asian nation become one of the world’s top IPO destinations.
UMW said in a filing to the stock market late on Thursday that the listing of its UMW Oil and Gas Corporation Bhd was expected to go ahead by the fourth quarter of the year.
The company plans to sell 648.6 million shares in the unit, which provides offshore drilling and oilfield services, to institutional investors, while another 194.6 shares will be earmarked for the retail offering, it said.
AFP
