Malaysian oil driller kicks off $738m IPO

UMW Oil & GasUMW Oil & Gas Corporation Bhd, a Malaysian offshore and drilling services firm, will start taking orders on October 3 for its 2.36 billion ringgit ($738 million) initial share sale, Reuters reported.

The initial public offering is set to be the biggest in Malaysia in 2013 so far.UMW Oil & Gas, the oil-field services arm of state-backed conglomerate UMW Holdings Bhd, is expected to trade on the local bourse from November 1

UMW Oil & Gas is seeking to sell 843.1 million shares at the maximum indicative price of 2.80 ringgit per share. Its parent plans to take 647.9 million ringgit of the proceeds to pay debt and finance capital expenditure, while UMW Oil & Gas will use the remaining 1.7 billion ringgit to buy rigs, clear debts and pay listing expenses.

The company will offer 648.6 million shares, or 76.9 per cent of the total shares sold, to institutional players. The balance will go to retail investors, according to its draft prospectus in June. Up to 17 cornerstone investors will take up 61 per cent of the institutional tranche. These investors include Fidelity Investments, Hwang Investment, Fullerton Fund and Malaysian state-owned funds such as the Employee Provident Fund.

CIMB, Credit Suisse, Goldman Sachs and Maybank are the joint global coordinators for UMW Oil & Gas, and are joint bookrunners with Standard Chartered.



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UMW Oil & Gas Corporation Bhd, a Malaysian offshore and drilling services firm, will start taking orders on October 3 for its 2.36 billion ringgit ($738 million) initial share sale, Reuters reported. The initial public offering is set to be the biggest in Malaysia in 2013 so far.UMW Oil & Gas, the oil-field services arm of state-backed conglomerate UMW Holdings Bhd, is expected to trade on the local bourse from November 1 UMW Oil & Gas is seeking to sell 843.1 million shares at the maximum indicative price of 2.80 ringgit per share. Its parent plans to take 647.9 million...

UMW Oil & GasUMW Oil & Gas Corporation Bhd, a Malaysian offshore and drilling services firm, will start taking orders on October 3 for its 2.36 billion ringgit ($738 million) initial share sale, Reuters reported.

The initial public offering is set to be the biggest in Malaysia in 2013 so far.UMW Oil & Gas, the oil-field services arm of state-backed conglomerate UMW Holdings Bhd, is expected to trade on the local bourse from November 1

UMW Oil & Gas is seeking to sell 843.1 million shares at the maximum indicative price of 2.80 ringgit per share. Its parent plans to take 647.9 million ringgit of the proceeds to pay debt and finance capital expenditure, while UMW Oil & Gas will use the remaining 1.7 billion ringgit to buy rigs, clear debts and pay listing expenses.

The company will offer 648.6 million shares, or 76.9 per cent of the total shares sold, to institutional players. The balance will go to retail investors, according to its draft prospectus in June. Up to 17 cornerstone investors will take up 61 per cent of the institutional tranche. These investors include Fidelity Investments, Hwang Investment, Fullerton Fund and Malaysian state-owned funds such as the Employee Provident Fund.

CIMB, Credit Suisse, Goldman Sachs and Maybank are the joint global coordinators for UMW Oil & Gas, and are joint bookrunners with Standard Chartered.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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