February 25, 2014 / 1:06 AM / in 4 years

Matrix Capacity plans Malaysia's biggest shell company listing in H2 2014 -sources

KUALA LUMPUR, Feb 25 (Reuters) - Malaysia’s Matrix Capacity Petroleum Bhd, a special purpose acquisition company with no existing assets, plans to list shares on the Kuala Lumpur stock exchange in a deal that two financial sources said could raise up to 1 billion ringgit ($303 million) in the second half of 2014.

The deal could mark the country’s biggest-ever listing by a shell company with no assets, set up with a plan to buy corporations that will be later folded into the business. The Matrix Capacity listing would dwarf those by similar firms like Sona Petroleum Bhd and Cliq Energy Bhd that raised between $100 million and $150 million each last year.

Matrix Capacity could buy firms involved in the oil and gas production and development sector in the Asia region, according to the sources.

Officials at Matrix Capacity weren’t immediately available for comment. ($1 = 3.2950 Malaysian ringgit) (Reporting By Yantoultra Ngui; Editing by Niluksi Koswanage and Kenneth Maxwell)

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