UMW Oil & Gas sees RM2.4b proceeds from IPO

SINGAPORE: UMW Oil & Gas Corp’s initial public offering (IPO) is poised to raise RM2.36bil, with the company and its parent planning to sell shares at the top end of a marketed range, according to two people with knowledge of the share sale.

The company and UMW Holdings Bhd would sell 843.2 million new and existing shares at RM2.80 each, said the people, who asked not to be identified because the process was private.