Standard Chartered-backed Malakoff to list in 2013

MMC, which owns 51% of Malakoff, said in a stock exchange filing that a listing is likely in the second quarter of the year. A total of 500 million new shares will be sold plus 260.87 million shares contributed by existing investors.

Besides MMC, selling shareholders include Standard Chartered IL&FS Asia Infrastructure Growth Fund, SEASAF Power, Anglo-Oriental, Kumpulan Wang Persaraan and Employees Provident Fund.

The offering will make up 30.4% of Malakoff's enlarged share capital. The institutional tranche will comprise 629 million shares, with the remainder sold to retail investors.

MMC took Malakoff private in 2006 in a deal worth some MYR9.3billion ($3 billion). The Standard Chartered fund bought its stake in December 2008.

MMC said the listing would assist Malakoff's growth by giving it greater financial flexibility and allowing it lower its cost of capital by accessing equity capital markets. The company recorded revenues of MYR5.47 billion in 2010, almost twice as much as in the year before it was taken private.

Malakoff owns an effective generation capacity of 5,020 megawatts in Malaysia, with six power stations that run on gas, oil and coal, according to its 2010 annual report. It also has power plants in Jordan, Algeria and Saudi Arabia.

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• Topics
• Southeast Asia
• Exits
• Infrastructure
• Infrastructure
• energy
• Malaysia
• Infrastructure
• Standard Chartered Private Equity