UMW Holdings Bhd, a Malaysian conglomerate, have set a minimum initial public offering price for its gas and oil unit at around US$0.95 per share. The initial public offering is widely expected to net proceeds of about US$1 billion, two sources with knowledge of the plan said yesterday.
The final rate per share for all investors will be concluded after the bookbuilding which is expected to happen sometime in the fourth quarter. The offer started out on Monday and will close on July 16, said the sources, who declined to be identified as the particulars of the deal were still confidential.
The initial public offering, expected before the end of this year, will be the Southeast Asian nation's largest in 2013 after independent power supplier Malakoff Bhd declared in earlier this year that it was delaying its market debut until next year.
UMW Holdings officials were not available for comment.
Join the Conversation