Malakoff Corporation Berhad (MCB), the largest independent power producer (IPP) in Malaysia, has raised Myr 2.74 bn (US$769m) in an initial public offering (IPO); the share sale was priced at the top of expectations (Myr 1.8 i.e. US$50.5c per share, the top of an indicative price range of Myr 1.75-1.80 per share (US$49-50.5c per share), as the IPO was oversubscribed by 14 times. The group offered 1,521,740,000 ordinary shares (about 30% of the enlarged share capital), including an Institutional Offering of 1,279,240,000 shares and a Retail Offering of 242.5 million shares.
In 2014, the company operated 5,350 MW of power generation capacity in Malaysia, through its stakes in 6 power plants: 3 gas combined cycle plants, i.e. Lumut (1 300 MW, 93.75% stake), Lumut GB3 (640 MW, 75% stake) and Prai (350 MW, 100% stake); a coal power plant, Tanjung Bin (2 100 MW, 90% stake); a gas turbine, Dickson Port (440 MW, 25% stake); and Kapar (2 420 MW, 40% stake).
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