Gas Malaysia Bhd is expected to debut on the Malaysian bourse on June 11, a source with direct knowledge of the listing told Reuters, after it obtained approval today from Malaysia’s Securities Commission to register its listing prospectus.
The planned listing of the country’s sole supplier of natural gas to the non-power sector was originally scheduled for the fourth quarter of 2011, but was delayed due to non-compliance with the commission’s rules.
One of the commission’s conditions was for Gas Malaysia to ensure that its petrol stations were built on land that was designated for that purpose, according to an announcement by its major shareholder MMC Corp Bhd in October last year.
The listing is expected to raise over RM734.4 million, according to Gas Malaysia, potentially making it the third largest IPO in 2012 after Felda Global Venture Holdings Bhd and Integrated Healthcare Holdings Bhd.
Maybank Investment Bank is the advisor for the IPO.
Gas Malaysia is 55 per cent-owned by MMC-Shapadu (Holdings) Sdn Bhd, while Tokyo Gas-Mitsui & Co (Holdings) Sdn Bhd holds 25 per cent and Petronas Gas Bhd owns the balance.
Malaysia’s seventh-richest person, Syed Mokhtar Al-Bukhary, controls MMC Corp.
Malaysian builder MMC Corp also plans to relist its 51 per cent owned Malakoff Corp Bhd — the country’s largest independent power producer — on the local bourse next year in a move to unlock the value of its power assets. — Reuters
