Malaysia's KNM targets Singapore IPO for German unit in 2013
KUALA LUMPUR, Sept 7
KUALA LUMPUR, Sept 7 (Reuters) - Malaysian oil and gas services provider KNM Group Bhd will list its German industrial equipment unit on the Singapore stock exchange next year.
The unit, Borsig Beteiligungsverwaltungsgesellschaft mbH, will have an indicative valuation of 1.8-1.9 billion ringgit ($579 million-$611 million) when it lists, KNM told the Malaysian stock exchange late on Thursday. KNM bought Borsig in 2008 for approximately 1.7 billion ringgit.
KNM said it had appointed UOB Bank as the sole manager, underwriter and placement agent for the planned listing.
The IPO comes as Singapore sees a pick up in listing activity this year, with the dual listing of IHH Healthcare in a $2.1 billion deal and Far East Hospitality Trust , which raised $575 million in an IPO in August. (Reporting by Niluksi Koswanage; Editing by Joseph Radford)