Malakoff to offer 30% of IPO to cornerstones

Malakoff’s Tanjung Bin power plant in Johor. The addition of cornerstone investors could smoothen the path for the long-delayed IPO.

KUALA LUMPUR: Malaysia’s largest independent power producer Malakoff Corp Bhd is lining up cornerstone investors, including domestic state funds, to pick up about 30% of its US$740mil (RM2.7bil) initial public offering (IPO), sources with knowledge of the deal said.

The addition of cornerstone investors could smoothen the path for the long-delayed IPO, which is navigating tricky domestic markets as slumping global energy prices hit revenues of the oil exporter and have knocked the ringgit to a six-year low.