Malaysia’s Medini plans $800m public listing

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mah-sing-meridin-mediniGovernment-linked township developer Medini Iskandar Malaysia hopes to raise 2.5 billion ringgit ($800 million) in an initial public offering in early 2014, The Star reported. The IPO would be the country’s largest since palm oil giant Felda Global Ventures raised $3.25 billion in June 2012.

Medini oversees a special economic zone in the heart of the ambitious Iskandar development project in southern Johor province. Medini has said its site has an expected gross development value of more than $21 billion over 20 years.

Iskandar is a huge development project intended to mesh Johor’s economy more tightly with that of affluent neighbour Singapore. However, recent reports have said Iskandar Waterfront Holdings, a privately owned developer, was planning to delay a $300 million stock listing by a year to the end of 2014 due to concerns over government measures to cool property demand.

Southeast Asia’s third-largest economy, Malaysia saw a flurry of big listings last year, led by Felda, that helped its stock exchange become the world’s fifth-largest IPO market in 2012. The pace slackened this year due to caution ahead of May elections narrowly won by Malaysia’s long-ruling coalition, but has recently picked up again.

UMW Oil and Gas Corp raised $740 million last week in Malaysia’s largest IPO this year, following July’s $309 million listing of budget airline AirAsia X and leading Malaysian ports operator Westports Holdings’ $640 million IPO last month. Sovereign wealth fund 1Malaysia Development Berhad is expected to announce a listing to raise at least $3 billion in 2014.

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Reading Time: 1 minute

Government-linked township developer Medini Iskandar Malaysia hopes to raise 2.5 billion ringgit ($800 million) in an initial public offering in early 2014, The Star reported. The IPO would be the country’s largest since palm oil giant Felda Global Ventures raised $3.25 billion in June 2012.

Reading Time: 1 minute

mah-sing-meridin-mediniGovernment-linked township developer Medini Iskandar Malaysia hopes to raise 2.5 billion ringgit ($800 million) in an initial public offering in early 2014, The Star reported. The IPO would be the country’s largest since palm oil giant Felda Global Ventures raised $3.25 billion in June 2012.

Medini oversees a special economic zone in the heart of the ambitious Iskandar development project in southern Johor province. Medini has said its site has an expected gross development value of more than $21 billion over 20 years.

Iskandar is a huge development project intended to mesh Johor’s economy more tightly with that of affluent neighbour Singapore. However, recent reports have said Iskandar Waterfront Holdings, a privately owned developer, was planning to delay a $300 million stock listing by a year to the end of 2014 due to concerns over government measures to cool property demand.

Southeast Asia’s third-largest economy, Malaysia saw a flurry of big listings last year, led by Felda, that helped its stock exchange become the world’s fifth-largest IPO market in 2012. The pace slackened this year due to caution ahead of May elections narrowly won by Malaysia’s long-ruling coalition, but has recently picked up again.

UMW Oil and Gas Corp raised $740 million last week in Malaysia’s largest IPO this year, following July’s $309 million listing of budget airline AirAsia X and leading Malaysian ports operator Westports Holdings’ $640 million IPO last month. Sovereign wealth fund 1Malaysia Development Berhad is expected to announce a listing to raise at least $3 billion in 2014.

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