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Matrix Capacity plans Malaysia’s biggest shell company listing
by Cals Wed 26 Feb 2014, 07:47
Matrix Capacity plans Malaysia’s biggest shell company listing
Posted on 26 February 2014 - 05:40am
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KUALA LUMPUR (Feb 26, 2014): Malaysia's Matrix Capacity Petroleum Bhd, a shell company set up to buy energy assets, plans to list shares on the Kuala Lumpur stock exchange in a deal that two financial sources said could raise up to RM1 billion (US$303 million) in the second half of 2014.
The share sale could mark the country's biggest-ever listing by a vehicle with no assets, set up to buy corporations that will be later folded into the business. The Matrix Capacity deal would dwarf those by similar firms like Sona Petroleum Bhd and Cliq Energy Bhd that raised between US$100 million and US$150 million each last year.
The planned listing comes as bankers look forward to a surge in initial public offerings in Malaysia after political uncertainties slowed the pace of deals in 2013. The nation's IPO market could more than double this year to US$7.1 billion, according to data compiled by Reuters last month, led by a sale of state investor 1Malaysia Development Bhd's energy assets for up to US$2 billion.
Matrix Capacity could buy firms involved in the oil and gas production and development sector in the Asia region, according to the two people familiar with the matter. The company will be led by a team including Syed Anwar Jamalullail, chairman of construction conglomerate Cahya Mata Sarawak Bhd and oil and gas expert Peter Wentworth, formerly with BP PLC.
"Demand is expected to be good as there are already a lot of investors asking about the listing," one of the sources told Reuters late on Monday. "They have just submitted the request for approval at the end of last month."
RHB Investment Bank was appointed as advisor on the deal, said the sources, who declined to be named, as the matter was private. Officials in Matrix Capacity and RHB could not immediately be reached for comment on the listing plans. – Reuters
Posted on 26 February 2014 - 05:40am
[You must be registered and logged in to see this link.]
KUALA LUMPUR (Feb 26, 2014): Malaysia's Matrix Capacity Petroleum Bhd, a shell company set up to buy energy assets, plans to list shares on the Kuala Lumpur stock exchange in a deal that two financial sources said could raise up to RM1 billion (US$303 million) in the second half of 2014.
The share sale could mark the country's biggest-ever listing by a vehicle with no assets, set up to buy corporations that will be later folded into the business. The Matrix Capacity deal would dwarf those by similar firms like Sona Petroleum Bhd and Cliq Energy Bhd that raised between US$100 million and US$150 million each last year.
The planned listing comes as bankers look forward to a surge in initial public offerings in Malaysia after political uncertainties slowed the pace of deals in 2013. The nation's IPO market could more than double this year to US$7.1 billion, according to data compiled by Reuters last month, led by a sale of state investor 1Malaysia Development Bhd's energy assets for up to US$2 billion.
Matrix Capacity could buy firms involved in the oil and gas production and development sector in the Asia region, according to the two people familiar with the matter. The company will be led by a team including Syed Anwar Jamalullail, chairman of construction conglomerate Cahya Mata Sarawak Bhd and oil and gas expert Peter Wentworth, formerly with BP PLC.
"Demand is expected to be good as there are already a lot of investors asking about the listing," one of the sources told Reuters late on Monday. "They have just submitted the request for approval at the end of last month."
RHB Investment Bank was appointed as advisor on the deal, said the sources, who declined to be named, as the matter was private. Officials in Matrix Capacity and RHB could not immediately be reached for comment on the listing plans. – Reuters
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