Gas Malaysia to raise US$234m in IPOs

Publish date: Fri, 18 May 2012, 11:36 AM
Gas Malaysia Bhd, part of an energy distributor linked to Malaysian billionaire Syed Mokhtar Al- Bukhary, said it wants to raise about RM734 million (US$234 million) in an initial public offering in Kuala Lumpur.

Existing stockholders, including MMC Corp, plan to sell 333.8 million shares with an indicative price of RM2.20 each for individual investors, according to a listing prospectus released today. Pricing for institutions will be determined after a bidding process, Gas Malaysia said.

The IPO comes amid a resurgence in share sales in Malaysia, even though volatility in global stock markets has increased with concerns over potential international fallout from Greece's debt crisis. Palm oil planter Felda Global Ventures Holdings Bhd. may raise as much as US$3.3 billion next month, two people familiar with the matter said on April 27. Hospital operator Integrated Healthcare Holdings Sdn Bhd also plans to soon list.

Gas Malaysia is the sole licensed seller of natural gas in Peninsular Malaysia, the listing document shows. It also has rights to supply liquefied petroleum gas in the region.

The Selangor-based company plans to pay at least 75 percent of profit as dividends from 2013, according to the prospectus. It intends to distribute all the earnings net of tax this year as dividend, it said.

Maybank Investment Bank Bhd is managing the share sale, helped by Bank Muamalat Malaysia Bhd and Kenanga Investment Bank Bhd.

MMC, controlled by Syed Mokhtar, fell 0.4 per cent to RM2.63 at 11 a.m. in Kuala Lumpur trading today, compared with a 0.8 percent drop in the benchmark FTSE Bursa Malaysia KLCI Index. - Bloomberg


Discussions
Be the first to like this. Showing 10 of 10 comments

mavasuppiah

is gas malaysia a good buy?

2012-05-18 14:00

thunder_storm

none of stock can buy now. it's time to focus in US counters better.

2012-05-18 14:59

Teo Tee Seng

Fully valued at Rm2.25. Low gearing and almost zero borrowing. Pure dividend play counter with very little upside. MOtive of this listing is mainly to raise capital for future listing of Malakoff

2012-05-20 16:52

alntm

hopefully can collect at a discount, no need fight for ipo price..heheh..

2012-05-20 17:38

liew kimguan

alntm, how much shares you apply it?

2012-05-20 18:20

alntm

don't plan to apply, but buy small slowly and build position...must practice patience and kiam siapness..

2012-05-20 19:40

Namoyaki Takarajima

Alntm, wht is 'kiam sispness'?, anyone! Thnks.

2012-05-20 19:49

liew kimguan

kiam siap mean stingy.

2012-05-20 19:59

alntm

tq liew for being google translator :)

2012-05-20 20:43

Namoyaki Takarajima

I see, kiam @ Qiam in arabic means quiet/stay quiet @ stay still

2012-05-20 21:14

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