Road empty at Duke highway during Chinese New Year.AZMAN GHANI / The Star
The Wall Street Journal first reported the IPO earlier on Wednesday.
Ekovest on Tuesday sold 40% stake in the highway unit to Malaysian pension fund Employees Provident Fund (EPF) for RM1.13bil.
Cheng said Ekovest and EPF had yet to determine how much equity stakes both intend to hold in the subsidiary, post the IPO.
He added that Ekovest would look for “strong and suitable strategic investors who can add value and complement our business model” for the exercise.
Ekovest, controlled by Malaysian real estate tycoon Tan Sri Lim Kang Hoo, has yet to engage bankers for the IPO. - Reuters
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