Malaysia’s UMW set for $535m stock listing

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umw-IPOMalaysia’s offshore and drilling services firm UMW Oil and Gas Corp. said on October 3 it hopes to raise 1.71 billion ringgit ($535 million) in a stock market listing in November, an initial public offering (IPO) expected to be the biggest in Malaysia in 2013.

Kicking off the listing, UMW said it was looking at offering 611.8 million new shares to the public at an indicative retail price of 2.80 ringgit each, which would raise 1.71 billion ringgit. The listing is slated for November 1.

The firm said a major portion of the cash raised would be used for the acquisition, upgrading and maintenance of drilling rigs and other machinery.

UMW president Rohaizad Darus said the firm would look for sustainable long-term growth with its listing on Bursa Malaysia, adding that it was expanding in the region following the award of three new contracts in Vietnam in the past six months and another in Thailand.

Dow Jones Newswires reported that there was more than $1 billion worth of deals in the pipeline to be listed in Kuala Lumpur in 2013, including one for up to $250 million by grocery store chain operator Seven Convenience Bhd. Sovereign wealth fund 1Malaysia Development is expected to announce a listing to raise at least $3 billion in 2014.

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Reading Time: 1 minute

Malaysia’s offshore and drilling services firm UMW Oil and Gas Corp. said on October 3 it hopes to raise 1.71 billion ringgit ($535 million) in a stock market listing in November, an initial public offering (IPO) expected to be the biggest in Malaysia in 2013.

Reading Time: 1 minute

umw-IPOMalaysia’s offshore and drilling services firm UMW Oil and Gas Corp. said on October 3 it hopes to raise 1.71 billion ringgit ($535 million) in a stock market listing in November, an initial public offering (IPO) expected to be the biggest in Malaysia in 2013.

Kicking off the listing, UMW said it was looking at offering 611.8 million new shares to the public at an indicative retail price of 2.80 ringgit each, which would raise 1.71 billion ringgit. The listing is slated for November 1.

The firm said a major portion of the cash raised would be used for the acquisition, upgrading and maintenance of drilling rigs and other machinery.

UMW president Rohaizad Darus said the firm would look for sustainable long-term growth with its listing on Bursa Malaysia, adding that it was expanding in the region following the award of three new contracts in Vietnam in the past six months and another in Thailand.

Dow Jones Newswires reported that there was more than $1 billion worth of deals in the pipeline to be listed in Kuala Lumpur in 2013, including one for up to $250 million by grocery store chain operator Seven Convenience Bhd. Sovereign wealth fund 1Malaysia Development is expected to announce a listing to raise at least $3 billion in 2014.

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