May 4, 2011 / 12:26 AM / 7 years ago

Malaysia's sugar operator MSM IPO valued at 2.5 bln rgt-report

KUALA LUMPUR, May 4 (Reuters) - The IPO price of MSM Malaysia Holdings, the sugar refining arm of the federal land authority, has been priced at 3.50 ringgit ($1.18) per share, according to daily newspaper the Malaysian Reserve citing unidentified sources.

“The indicative price thus values MSM at about 2.46 billion ringgit, making it the largest IPO on Bursa Malaysia so far this year,” the paper said on Wednesday.

Based on the company’s draft prospectus and the reported price, MSM’s IPO is valued at 821 million ringgit, of which 437.5 million ringgit is from the issuance of new shares and the remainder from the sale of existing shares.

The deal is being managed by CIMB Investment Bank and Maybank Investment Bank .

CIMB declined to comment on the Wednesday report, while Maybank could not be immediately reached for comment. ($1 = 2.974 Malaysian Ringgit) (Reporting by Min Hun Fong; Editing by Michael Urquhart)

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