MISC Bhd is proposing to list wholly-owned Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) on the Bursa Malaysia main market via the offer for sale of 25.5% or 408 million of the enlarged paid-up capital of 1.6 billion shares.
Maybank Investment Bank Bhd on behalf of MISC said the proposed initial public offering (IPO) scheme would involve an increase in MMHE’s authorised share capital to RM2.5bil comprising five billion 50 sen shares and a one-into-two share split of existing shares.
MMHE proposed to undertake a cash dividend payout of RM300mil to MISC and a bonus issue of 1.3 billion shares of about 40.245 bonus shares for every one MMHE share.
Upon completion of the proposals under the IPO scheme, MMHE would undertake a proposed IPO involving an institutional offering and a public issue.
The institutional offering would comprise 146 million shares or a 9.12% stake in the company at a price to be determined via a bookbuilding exercise. The public issue would comprise 262 million new shares or a 16.38% stake in the company, of which 32 million shares or a 2% stake would be allocated via balloting to the public.
Source : The Star
