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UMW Oil and Gas joins the Malaysia IPO partyUMW Oil and Gas joins the Malaysia IPO party

Following on the heels of Westports' IPO's extremely well-priced offer price, coming in at the MYR2.50 per share top of the indicative range, the year's biggest listing on Bursa Malaysia, UMW Oil & Gas Corp Bhd is looking at an indicative retail price at MYR2.80 per share as it kicks off its listing exercise this week.

Vincent Wee, Hong Kong and South East Asia Correspondent

October 3, 2013

1 Min Read
Kalyakan - stock.adobe.com

The issue of 611.8m new shares to the public at this price would potentially raise MYR1.7bn. According to its prospectus, the initial public offering (IPO) comprises up to 843.18m shares made up of up to 231.38m existing shares and a public issue of 611.8m new shares.

The institutional component for institutional and bumiputra investors will comprise up to 648.6m shares and the price will be determined by a bookbuilding exercise.

The retail offering of 194.58m shares for eligible directors and staff  and the Malaysian public will be sold at the retail price of MYR2.80 per share. The tentative listing date is 1 November.

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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