Malaysia’s UMW plans IPO of oil unit

Malaysian industrial conglomerate UMW Holdings Bhd. is looking to raise at least US$500 million through an initial public offering (IPO) of its oil and gas unit next year.
Malaysia ranks fifth in terms of funds raised in IPOs after the U.S., Japan, China and Hong Kong, according to data tracker Dealogic, raising US$7.5 billion so far this year.
UMW, which is 44.34%-owned by Malaysia’s state-asset manager Permodalan Nasional Bhd., has already called investment bankers that it is considering as advisers for the IPO, according to news reports. A UMW spokesman declined to comment on the report.
Apart from oil and gas, UMW has business interests in automotive equipment, manufacturing and engineering. It has a joint venture with Daihatsu Motor Co. to manufacture Perodua-branded cars. It also assembles Toyota-branded vehicles, sells earthmovers and distributes lubricants. (December 1, 2012)