14 May 2012
Gas Malaysia IPO Update: MMC Corp obtains approval from Securities Commission to register IPO prospectus, one step closer to listing
Gas Malaysia Bhd has obtained approval from Malaysia’s Securities Commission to register its listing prospectus, its major shareholder MMC Corp Bhd said in a stock exchange filing on Monday, bringing the company a step closer to its market debut in the second quarter.
The planned listing of the country’s sole supplier of natural gas to the non-power sector was originally scheduled for the fourth quarter of 2011, but was delayed due to non-compliance with the commission’s rules.
One of the commission’s conditions was for Gas Malaysia to ensure that its petrol stations were not built on land that was not designated for that purpose, according to an announcement by MMC Corp in October last year.
The listing is expected to raise over RM734.4 million (US$239 million), according to Gas Malaysia, potentially making it the third largest IPO in 2012 after Felda Global Venture Holdings Bhd and Integrated Healthcare Holdings Bhd.
Gas Malaysia is 55 percent-owned by MMC-Shapadu (Holdings) Sdn Bhd, while Tokyo Gas-Mitsui & Co (Holdings) Sdn Bhd holds 25 percent and Petronas Gas Bhd owns the balance.
Malaysia’s seventh-richest person, Syed Mokhtar Al-Bukhary, controls MMC Corp. Maybank Investment Bank is the advisor for the IPO. -- Reuters