Gas Malaysia listing slated for 4th quarter

KUALA LUMPUR: MMC Corp Bhd, the flagship company of Tan Sri Syed Mokhtar al-Bukhary, plans to list Gas Malaysia Sdn Bhd on the Main Board of Bursa Malaysia by the fourth quarter of this year.

The company has appointed MMC-appointed Maybank Investment to advise on the initial public offer exercise.

The planned listing of Gas Malaysia is part of a wider plan by MMC to spin off three of its units worth a total of RM13 billion via the listing route over the next 30 months.

The other companies slated to be listed are Malakoff Bhd and Johor Port Bhd.

Both the companies were taken private earlier by the tycoon.

The possible relisting of independent power provider Malakoff and port operator Johor Port comes after billionaire T. Ananda Krishnan successfully relisted Maxis Bhd and Bumi Armada Bhd on the local stock exchange.

For Gas Malaysia, the country's sole supplier of natural gas to the non-power sector, this is the first time MMC had announced a detailed listing plan.

MMC said it will raise up to RM167 million upon listing on the Main Market.

The listing represents about 26 percent of Gas Malaysia's entire share capital valued at RM642 million.

It will also dilute the company's stake in Gas Malaysia to 30.93 per cent from 41.80 per cent.

Gas Malaysia is an indirectly owned subsidiary via Anglo-Oriental (Annuities) Sdn Bhd, a wholly-owned subsidiary of MMC, which in turn holds 76 per cent MMC-Shapadu Holdings Sdn Bhd.

MMC-Shapadu holds 55 stake in Gas Malaysia. Tokyo Gas-Mitsui & Co (Holdings) Sdn Bhd and Petronas Gas Bhd own 25 per cent and 20 per cent of Gas Malaysia, respectively.

Petroliam Nasional Bhd also has a golden share in Gas Malaysia.