MISC shipyard listing all set to go

MISC is to sell 25.5% of its shipyard arm Malaysia Marine and Heavy Engineering (MMHE) in a initial public offering (IPO) by the end of this year. The share issue of 208m shares will be split between a, 146m shares, or 9.12% stake , offered to institutional investors and a 262m shares, or 16.38%, as a public offering. MISC said the listing would allow it to, “accelerate the growth of its offshore and heavy engineering divisions”. Proceeds from the listing will be used to help fund a RM2.7bn yard optimization programme of MMHE’s yard in Pasir Gudang, investment in operations in Turkmenistan and to pay expenses for the listing. MISC said the IPO is expected to be completed before the end of the fourth quarter of 2010.