Ranhill Energy and Resources Bhd announced that it has withdrawn an initial public offering (IPO) to raise $236 million (MYR 753 million) on Malaysia's stock exchange Bursa Malaysia.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.
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