Medini Iskandar Malaysia Sdn Bhd announced plans for an initial public offering set for 2014. The urban township developer announced that they plan raise up approximately US$800 million. The planned initial public offering would rank the company as joining a handful of Asia's "master developers". Japan's Mitsubishi Estate Co Ltd and the Philippines' Ayala Corp joins the list, these industry giants develop a region and lists a number of property companies in their belt.
"Banks are pitching for the deal," said one of the sources close to the deal. Plans are still in the preliminary stages, as sources declined to be named due that conditions for the public offering were still private.
Medini Iskandar is the leading developer for the 903 hectares of Malaysia's largest single urban development located in Iskandar. Major shareholders for the company are Iskandar Investment Bhd and Mitsui & Co Ltd. Khazanah Nasional Bhd, Malaysia's state investment arm, currently holds a 60% equity stake in Iskandar Investment. The Kumpulan Prasarana Rakyat Johor Bhd and the Employees Provident Fund each hold a 20% equity stake.
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