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UMW Holdings Bhd May Raise $1 Billion In UMW Oil & Gas Bhd IPO-Reuters


Thursday, 16 May 2013 09:55pm EDT 

Reuters reported that UMW Holdings Bhd is planning to sell 39% of its oil and gas unit UMW Oil & Gas Bhd in an IPO, a deal that some bankers say could raise up to $1 billion. UMW said it is offering 648.6 million shares or 30% of the offshore, drilling and oil-field services provider to institutional investors and the remaining 194.6 million shares to retail investors. Proceeds will be used for repaying bank debt, capital expenditure and working capital, UMW said. CIMB Group Holdings Bhd, Credit Suisse Group AG, Goldman Sachs & Co and Malayan Banking Bhd (Maybank) are joint global co-ordinators, while Standard Chartered is a bookrunner. 

Company Quote

11.34
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27 Nov 2014