‘Edra launches re­quest for pro­posal’

New Straits Times - - Business -

KUALA LUMPUR: Edra En­ergy had re­launched a re­quest for pro­posal (RFP) to hire banks for its ini­tial public of­fer­ing (IPO) that was tar­get­ing to raise US$500 mil­lion to US$1 bil­lion (RM2.16 bil­lion to RM4.31 bil­lion), said IFR Asia, cit­ing two sources with knowl­edge of the deal.

Banks had to re­spond to the RFP by next Tues­day, one of the sources told IFR, a Thom­son Reuters pub­li­ca­tion.

Edra En­ergy with­drew its RFP in Fe­bru­ary, within the same day of launch­ing it, with­out giving any rea­son.

The com­pany is Malaysia’s sec­ond largest in­de­pen­dent power pro­ducer. It was for­merly owned by 1Malaysia De­vel­op­ment Bhd (1MDB) and was seek­ing a US$1 bil­lion to US$3 bil­lion IPO. The IPO plans did not ma­te­ri­alise.

In 2015, 1MDB sold Edra En­ergy to China Gen­eral Nu­clear Power for US$2.3 bil­lion. Reuters

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