KL firm launches largest IPO

KL firm launches largest IPO

KUALA LUMPUR: KLCC Property Holdings Bhd., which owns part of the Petronas Twin Towers skyscraper, on Wednesday launched Malaysia's biggest ever property initial public share offer (IPO) and the largest IPO this year to raise up to 726 million ringgit (US$191 million).

KLCC Property, the property arm of national oil company Petronas, will sell 432.1 million new shares in its IPO.

Of the total, 93.4 million shares will be offered to individual investors at 1.68 ringgit each, and the bulk of 338.7 million to institutional investors at prices to be set by book- building, it said in its IPO prospectus. The proceeds of the IPO may vary because the final retail price will be set at 93 percent of the institutional price or lower than 1.68 ringgit, it said. -- AFP