MISC to Raise IPO

12 October 2010 (Last Updated October 12th, 2010 18:30)

Malaysia Marine & Heavy Engineering Holdings is planning to raise MYR2bn ($647m) to invest in a yard-optimisation programme in Malaysia and Turkmenistan. The shipping arm of Petronas plans to use MYR798.8m ($258m) of the proceeds to optimise its shipyards. The company said it

Malaysia Marine & Heavy Engineering Holdings is planning to raise MYR2bn ($647m) to invest in a yard-optimisation programme in Malaysia and Turkmenistan.

The shipping arm of Petronas plans to use MYR798.8m ($258m) of the proceeds to optimise its shipyards.

The company said it will invest MYR110m ($35.5m) in Kiyanly yard, Turkmenistan.

The MYR2.72bn ($878m) programme will be completed in 2014, according to biz.thestar.com.