Malaysia's Kulim to List Oil & Gas Services Unit
Monday, April 14, 2014
KUALA LUMPUR, April 14 (Reuters) – Malaysian plantation firm Kulim (Malaysia) Bhd plans to list its subsidiary E.A. Technique, an oil and gas industry services provider, in order to repay debt and fund the business's expansion.
Kulim said on Monday it will offer 22.6 percent of the enlarged share capital of E.A Technique to the public, with 5 percent to be sold to retail investors, 15.6 percent placed with institutional buyers and 2 percent to be sold to eligible employees.
E.A. Technique provides transport and offshore storage as well as port services. The company saw net profit grow to 59.4 million ringgit last year from 24.3 million ringgit in 2012.
Kulim will submit applications to the relevant authorities within the next month. RHB Investment Bank Bhd is advising on the deal.
(Reporting By Al-Zaquan Amer Hamzah; Editing by Greg Mahlich)
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