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 today said it will offer 22.6% of the enlarged share capital of E.A Technique to the public, with 5% to be sold to retail investors, 15.6% placed with institutional buyers and 2% 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 RM59.4 million last year from RM24.3 million in 2012.
Kulim will submit applications to the relevant authorities within the next month. RHB Investment Bank Bhd is advising on the deal. – Reuters, April 14, 2014.