Malaysia’s Bumi Armada reported planning up to RM2.4b IPO
June 13, 2011
T. Ananda Krishnan links. — File pic
KUALA LUMPUR, June 13 — Malaysian oil and gas services provider Bumi Armada will raise US$700 million to US$800 million (RM2.1 billion to RM2.4 billion) from its initial public offering, official news agency Bernama reported.
Bumi Armada chairman Mahamad Fathil Mahmood said the company was awaiting regulatory approval for the listing.
“We hope to get the approval by the middle of this month . . . start producing prospectus by the end of the month if everything is in order,” he was quoted as telling reporters in Singapore.
Sources with direct knowledge of the deal had told Reuters Bumi Armada would raise nearly US$1 billion from its initial public offer.
Bumi Armada is an offshore support specialist, and is the only Malaysian company that owns floating production storage and offloading (FPSO) vessels, which carry a premium lease rate.
The IPO, which will be one of the largest announced in Southeast Asia this year, has been delayed several times in the past few years.
Bumi Armada was privatised in 2003 by tycoon T. Ananda Krishnan, and a planned relisting in 2008 was delayed due to the global financial crisis. A subsequent relisting plan was also shelved. — Reuters