1MDB submits IPO to list energy assets (Update)

KUALA LUMPUR: Malaysian state investor 1 Malaysia Development Bhd (1MDB) took a big step towards a planned US$3bil IPO for its power plant assets, filing a long-awaited application for a flotation that will reduce its huge debt burden, sources said.

The initial public offering (IPO) plans have been delayed several times, bankers have said, as the fund has had to restructure loans and as it bid - ultimately successfully - to build a new domestic coal-fired power plant.