ASEAN KEY DESTINATIONS
Optimism on Petronas chemicals growth
The listing of Petronas Chemicals Group, expected to be one of the largest ever undertaken in Southeast Asia, would contribute significantly to the expansion of Malaysia's capital markets by increasing the liquidity needed to fuel economic growth.
Upon successful listing, he said, it would comprise a significant portion of the FTSE Bursa Malaysia KL Composite Index.
The Petronas Group could collectively account for more than 10 percent of Bursa Malaysia's total market capitalisation, and more than 16 percent of the FTSE Bursa Malaysia KL Composite Index," he said when launching the group's prospectus.
The company's initial public offering of up to 2.48 billion shares comprise an offer for sale of up to 1.78 billion existing shares and a public issue of 700 million shares to Malaysian and foreign institutional and selected investors at the institutional price.
Prime Minister Najib said the oil and gas industry comprised more than 10 percent of the national gross domestic product, making it one of the main contributors to Malaysia's prosperity.
"Oil and gas are some of our nation's most visible and valuable assets, which is why we have focused on this as one of the 12 National Key Economic Areas under the 10th Malaysia Plan," he added.
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