Malaysia’s Ranhill in year’s second top listing

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Malaysia MarketsMalaysia’s Ranhill Energy & Resources Bhd, an oil and gas giant, made Malaysia’s second largest share sale of 2013 by raising a grand $236.8 million after pricing its IPO.

The IPO was priced at 1.85 ringgit (58 cents) a share, an undisclosed source told the Wall Street Journal on July 15.

The fundraiser will be largely used to pay off debts the Malaysian energy company accrued from making an expansion into China’s water industry.

Four cornerstone investors — Corston-Smith Asset Management Sdn. Bhd., Eastspring Investment Bhd., Hwang Investment Management Bhd. and the Pilgrims Fund Board – bought into the IPO, shoring up confidence.

Since Malaysia’s 13th general elections in May, IPOs have picked up pace due to perceived political stability and confidence in the business world’s status quo.

This year’s top listing thus far, AirAsia X had a moderate IPO debut on July 20 after raising $308 million from its IPO pricing on June 21. The long-haul airline was then saved from a lackluster listing when Maybank pumped in more than 20 million ringgit ($6.5 million) to defend the shares from falling.

Malaysia played witness to some of the world’s largest IPOs in 2012, including the $3.2 billion listing of state-run palm oil planter Felda Global Ventures Holdings.

Besides Ranhill, UMW Holdings Bhd., port and logistics operator Westports Malaysia Sdn. Bhd., and Iskandar Waterfront Holdings Sdn. Bhd., a real-estate developer focused on southern Johor state, are preparing listings for  2013.

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Reading Time: 1 minute

Malaysia’s Ranhill Energy & Resources Bhd, an oil and gas giant, made Malaysia’s second largest share sale of 2013 by raising a grand $236.8 million after pricing its IPO.

Reading Time: 1 minute

Malaysia MarketsMalaysia’s Ranhill Energy & Resources Bhd, an oil and gas giant, made Malaysia’s second largest share sale of 2013 by raising a grand $236.8 million after pricing its IPO.

The IPO was priced at 1.85 ringgit (58 cents) a share, an undisclosed source told the Wall Street Journal on July 15.

The fundraiser will be largely used to pay off debts the Malaysian energy company accrued from making an expansion into China’s water industry.

Four cornerstone investors — Corston-Smith Asset Management Sdn. Bhd., Eastspring Investment Bhd., Hwang Investment Management Bhd. and the Pilgrims Fund Board – bought into the IPO, shoring up confidence.

Since Malaysia’s 13th general elections in May, IPOs have picked up pace due to perceived political stability and confidence in the business world’s status quo.

This year’s top listing thus far, AirAsia X had a moderate IPO debut on July 20 after raising $308 million from its IPO pricing on June 21. The long-haul airline was then saved from a lackluster listing when Maybank pumped in more than 20 million ringgit ($6.5 million) to defend the shares from falling.

Malaysia played witness to some of the world’s largest IPOs in 2012, including the $3.2 billion listing of state-run palm oil planter Felda Global Ventures Holdings.

Besides Ranhill, UMW Holdings Bhd., port and logistics operator Westports Malaysia Sdn. Bhd., and Iskandar Waterfront Holdings Sdn. Bhd., a real-estate developer focused on southern Johor state, are preparing listings for  2013.

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