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NEWS UPDATES 21 April 2010

Malaysian banks to bid for state energy firm’s IPOs

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A number of local investment banks are in the midst of preparing proposals to secure the mandate to handle the initial public offerings (IPO) of Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) and Petroliam Nasional Bhd’s (Petronas) petrochemicals business, the StarBiz reported, quoting industry sources.

Among those Petronas reportedly issued a request for proposal (RFP) include the investment banking arms of CIMB, RHB, Maybank and the AmBank group.

Sources added that the deadline for submitting the proposals is sometime next week and that the banks would be assessed on their broad approach to the IPOs.

A key issue will be the valuation method the banks would be comfortable using in pricing the IPO.

This may range from multiples of profits or of earnings before interest, tax, depreciation and amortisation.

“The track record of the investment bank would also play a factor. So too would be signs of innovativeness in the suggested IPO structures,” said one banker.


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