UMW hires bankers to advise on IPO
Malaysian conglomerate UMW Holdings Bhd has hired four banks for the planned RM1 billion listing its oil and gas unit expected in the second half of this year, according to two sources close to the deal.
CIMB Group Holdings Bhd, Credit Suisse Group AG, Goldman Sachs & Co and Malayan Banking Bhd have been chosen to advise on the initial public offering, the sources said, declining to be named as the matter was private.
This is not the first time the industrial-to-automotive group, -- which counts Malaysia’s largest fund management firm Permodalan Nasional Bhd and American investment management company Vanguard Group Inc as shareholders -— has tried to list its oil and gas arm on the Malaysian stock exchange. UMW has been working on a listing since 2007.
UMW shares rose 0.66 per cent to RM12.18 in morning trade, outperforming the benchmark index’s 0.21 per cent rise.-- Reuters