KUALA LUMPUR (Feb 17): The listing of Gas Malaysia Bhd on the Main Market of Bursa Malaysia Securities has been delayed again and the listing is now expected to be in the second quarter of 2012.
MMC Corp, which owns 41.8% of Gas Malaysia, said the latter was “still in the midst of complying with the conditions imposed by the Securities Commission” for the proposed listing as stated in the Oct 7, 2011 approval letter.
“Barring any unforeseen circumstances, the proposed listing which was earlier expected to be completed by the first quarter of 2012, is now envisaged to be completed by the second quarter of 2012,” it said.
The Edge Financial Daily reported in November 2011, that the listing, originally planned for the fourth quarter, of that year would likely be postponed to the first quarter of 2012.
According to a previous announcement by MMC, one of the SC’s conditions was Gas Malaysia should ensured that its petrol stations are not built on land that is not designated for the purpose and for the company to rectify any non-compliance within a year of SC’s approval.
Gas Malaysia announced on Oct 19 that it had received the approval from the Economic Planning Unit for its listing, changes in shareholding structure and a proposed issuance of special redeemable preference shares to Petronas.
The company’s IPO comprises 333.84 million ordinary shares of 50 sen each. MMC officials had said the IPO could be set at RM2.20 per share.
MMC Corp, which owns 41.8% of Gas Malaysia, said the latter was “still in the midst of complying with the conditions imposed by the Securities Commission” for the proposed listing as stated in the Oct 7, 2011 approval letter.
“Barring any unforeseen circumstances, the proposed listing which was earlier expected to be completed by the first quarter of 2012, is now envisaged to be completed by the second quarter of 2012,” it said.
The Edge Financial Daily reported in November 2011, that the listing, originally planned for the fourth quarter, of that year would likely be postponed to the first quarter of 2012.
According to a previous announcement by MMC, one of the SC’s conditions was Gas Malaysia should ensured that its petrol stations are not built on land that is not designated for the purpose and for the company to rectify any non-compliance within a year of SC’s approval.
Gas Malaysia announced on Oct 19 that it had received the approval from the Economic Planning Unit for its listing, changes in shareholding structure and a proposed issuance of special redeemable preference shares to Petronas.
The company’s IPO comprises 333.84 million ordinary shares of 50 sen each. MMC officials had said the IPO could be set at RM2.20 per share.
