Ranhill Withdraws Plan to List on Bursa Malaysia
Ranhill Energy and Resources Bhd announced that it has withdrawn an initial public offering (IPO) to raise $236 million (MYR 753 million) on Malaysia's stock exchange Bursa Malaysia.
This follows the disclosure last week that Malaysia's national oil and gas firm Petroliam Nasional Bhd (Petronas) has suspended an affiliate's license following a review of a construction project. The affiliate Perunding Ranhill Worley Sdn Bhd (PRW) cannot bid for any projects from Petronas without the license.
"Given recent events and after consulting the Principal Adviser ... the Board of Directors of the Company (Board) has decided to withdraw the application for the IPO which was submitted to the Securities Commission Malaysia (SC) Jan. 14 and not to proceed with the IPO. The SC had vide its letter dated July 26 taken note of the Board’s decision and has notified that its approval granted via its letter dated June 11 has therefore lapsed," Ranhill said in a press release.
The company said it will refund all funds received for the IPO to investors in a timely and orderly manner.
Meanwhile, Petronas has lifted its suspension of PRW for upstream activities although the Ranhill affiliate remains suspended from participating in downstream activities.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 9 Offshore Rigs
- Exec: Petronas' Canadian Unit To Look At Other LNG Opportunities (Oct 11)
- Adviser: Malaysia's Petronas Puts Some Canadian Assets Up For Sale (Oct 04)
- Petronas Chem Sells Half Of Polymers Business To Saudi Aramco For $900MM (Oct 02)
Company: Ranhill Energy more info
- Ranhill to Make A Second Attempt to List on Malaysia Stock Exchange (Dec 09)
- Ranhill Withdraws Plan to List on Bursa Malaysia (Jul 29)
- Ranhill Delays Listing on Bursa Malaysia (Jul 25)