Monday, October 31, 2011

MMC targets Gas Malaysia IPO price RM2.20 per share

KUALA LUMPUR (Oct 31): MMC Corp Bhd is on track to list its subsidiary, Gas Malaysia Bhd, by December this year despite market volatility and global economic uncertainty putting a dampener on markets.

MMC finance director Anwar Syahrin Ajib said on Monday that Gas Malaysia's initial public offering (IPO) could be RM2.20 per share, which was the top end of the indicative offer price.

"We think we are going to get that price for a few reasons like the performance of the company and benchmark against other similar companies," Anwar told reporters after MMC's extraordinary general meeting (EGM) here.

MMC chairman Datuk Wira Syed Abdul Jabbar Syed Hassan said the Gas Malaysia listing was expected to attract investor attention despite market conditions as investors would be looking to mop up the shares for dividend yield.

The two MMC officials however declined to comment on the future listing of the group's units, Malakoff Bhd and Johor Port Sdn Bhd.

At the EGM, MMC shareholders approved the group's proposed listing of Gas Malaysia.

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