Leader Energy Holding Bhd. is preparing for an initial public offering in Malaysia and is seeking to raise as much as 2 billion ringgit ($433 million), according to people with knowledge of the matter, in what would be the country’s biggest first-time share sale since 2017.
(Bloomberg) — Leader Energy Holding Bhd. is preparing for an initial public offering in Malaysia and is seeking to raise as much as 2 billion ringgit ($433 million), according to people with knowledge of the matter, in what would be the country’s biggest first-time share sale since 2017.
The Kuala Lumpur-based power company plans to submit its draft prospectus to the regulator as soon as the end of this month, said the people, asking not to be identified as the process is private. Leader Energy may raise between 1 billion ringgit and 2 billion ringgit and is targeting a December trading debut, the people said.
The power firm, a wholly-owned subsidiary of Penang businessman H’ng Bok San’s investment firm HNG Capital Bhd., explored a Singapore listing in 2018, Bloomberg News reported at the time.
Deliberations are ongoing and details of the listing such as the timeline and size could change, the people said. A representative for HNG Capital didn’t immediately respond to requests for comment.
At 2 billion ringgit, the first-time share sale would surpass the 1.5 billion ringgit raised in 2020 by Malaysia’s biggest home improvement retailer, Mr DIY Group (M) Bhd., and would be the largest since Lotte Chemical Titan Holding Bhd.’s 3.8 billion ringgit share sale in 2017, according to data compiled by Bloomberg.
Leader Energy’s potential listing would also boost the Southeast Asian nation’s IPO market. Kuala Lumpur hosted $367 million worth of first-time share sales in the year to date, down 17% from the same period in 2022.
The company started its first project in 1994 to build a diesel generation plant in Phnom Penh, Cambodia, according to its website. It has power plants in seven markets across Southeast Asia and Taiwan, with gross installed capacity of about 832 megawatts.
Leader Energy’s portfolio includes rooftop solar projects alongside diverse holdings in solar, wind, hydro, high-voltage transmission systems and coal-fired power plants, according to the website. Going forward, it plans to invest only in renewable energy systems.
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