Home News to raise RM1.5 billion to pare debt

Iskandar Waterfront to raise RM1.5 billion to pare debt

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A report by Nasdaq said the debt ridden Holdings Sdn Bhd (IWH) is issuing new shares to raise U$338 million this year.

IWH, controlled by Malaysian property tycoon Lim Kang Hoo, will issue around 600 million new shares to raise funds as part of a to cut debt, a senior official as well as the
company’s financial adviser told Reuters.

IWH has recently offered to buy out its listed unit Berhad or IWC.

IWH’s financial adviser Astramina Advisory estimates that at 2.47 ringgit per share, it would pare down the 2 billion ringgit debt consolidated under IWH after the .

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The company is targeting foreign corporates, it said.

The shares will be issued and privately placed to institutional investors.

Last week, IWH announced plans to buy out the 61.7 percent stake it does not already own in IWC.

The merger deal is expected to be completed in six to nine months, after which IWH targets a secondary listing in Hong Kong, China or Singapore within 12 months.

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IWC’s market capitalisation is currently 2.26 billion ringgit, Thomson Reuters data shows but the merged company’s market capitalisation could hit 30 billion ringgit.

WH and Engineering Corp bought a 60 percent stake in from troubled Malaysian state fund 1MDB for 7.41 billion ringgit.Follow us on Social Media

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