Australian developer Walker Corp. and Malaysian tycoon Tan Sri Syed Mokhtar Albukhary are considering an initial public offering of their joint venture to raise as much as RM500mil, according to people familiar with the matter.
WM Senibong Bhd., which develops property including luxury homes in Malaysia’s Johor state, is working with financial advisers on a plan and may seek a valuation of more than RM2bil in a listing in Kuala Lumpur next year, the people said, asking not to be identified because the information is private.
Considerations are ongoing and details like IPO size and timing may change, the people said. WM Senibong and Walker didn’t respond to requests for comment.
Johor, which borders Singapore, became Malaysia’s top investment destination last year following the establishment of a special economic zone. A large landbank, space constraints in Singapore, a favourable exchange rate and a planned cross-border rail shuttle have increased the appeal of Johor homes.
Malaysia’s stock exchange has seen a pick-up in activity, boosted by Sunway Healthcare Holdings Bhd.’s nearly RM3bil debut last month, the country’s biggest IPO in nine years.
WM Senibong, established in 2008, says its sales topped RM4bil last year. Walker is its biggest shareholder with a holding of 49%, while entities controlled by Syed Mokhtar have significant minority stakes. - Bloomberg
