KUALA LUMPUR (Oct 7): Malaysian state investor 1Malaysia Development Bhd (1MDB) is seeking a January listing of its power assets, three people with direct knowledge of the matter said, adding that the paperwork for the long-delayed IPO will be filed later this month.
1MDB has said it is seeking to raise more than $3 billion in the IPO. The offering was at one point expected mid-year but was delayed due to a longer-than-expected due-diligence process and negotiations around the restructuring of a 5.5 billion ringgit ($1.7 billion) loan, people familiar with the matter have said.
"A listing will be in January if the application goes through," one of the sources on the IPO timing said. The people declined to be identified as the matter has not been disclosed officially.
Representatives for 1MDB were not immediately available to comment. 1MDB's advisory board is chaired by Malaysian Prime Minister Najib Razak. ($1 = 3.2580 Malaysian ringgit)