Malaysia’s sovereign wealth fund plans $1b energy IPO

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1MDB1Malaysia Development Bhd (1MDB), one of Malaysia’s state-backed sovereign wealth funds, is planning an initial public offering of its power assets at the Bursa Malaysia, wire reports said on June 18.

The assets include several power plants, namely acquired Tanjong Energy Holding Sdn Bhd, which 1MBD had acquired from Malaysian tycoon Ananda Krishnan in 2012, as well as a 75 per cent stake in Genting Sanyen Power Sdn Bhd.

The expected funds of $1 billion raised through the IPO would enable 1MDB to pay off some of the debts.

1MDB is a strategic development company wholly owned by the government. Its holdings include energy, agribusiness, tourism and real estate. It has several joint ventures for large-scale developments with Middle East partners such as PetroSaudi, Mubadala, Aabar and Abu Dhabi’s Masdar and is also involved in large projects in the Sarawak Corridor of Renewable Energy and in Johor.

1MDB’s latest and largest project is the development of the Kuala Lumpur International Financial District.

Bursa Malaysia is expecting a number of high-profile IPOs in 2013, of which the next one will be AirAsia X which plans to raise around $370 million in a listing on July 10.

 

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Reading Time: 1 minute

1Malaysia Development Bhd (1MDB), one of Malaysia’s state-backed sovereign wealth funds, is planning an initial public offering of its power assets at the Bursa Malaysia, wire reports said on June 18.

Reading Time: 1 minute

1MDB1Malaysia Development Bhd (1MDB), one of Malaysia’s state-backed sovereign wealth funds, is planning an initial public offering of its power assets at the Bursa Malaysia, wire reports said on June 18.

The assets include several power plants, namely acquired Tanjong Energy Holding Sdn Bhd, which 1MBD had acquired from Malaysian tycoon Ananda Krishnan in 2012, as well as a 75 per cent stake in Genting Sanyen Power Sdn Bhd.

The expected funds of $1 billion raised through the IPO would enable 1MDB to pay off some of the debts.

1MDB is a strategic development company wholly owned by the government. Its holdings include energy, agribusiness, tourism and real estate. It has several joint ventures for large-scale developments with Middle East partners such as PetroSaudi, Mubadala, Aabar and Abu Dhabi’s Masdar and is also involved in large projects in the Sarawak Corridor of Renewable Energy and in Johor.

1MDB’s latest and largest project is the development of the Kuala Lumpur International Financial District.

Bursa Malaysia is expecting a number of high-profile IPOs in 2013, of which the next one will be AirAsia X which plans to raise around $370 million in a listing on July 10.

 

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