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3 months ago
Malaysia's Edra Energy reignites IPO plan, looking to hire banks -IFR
May 3, 2017 / 8:32 AM / 3 months ago

Malaysia's Edra Energy reignites IPO plan, looking to hire banks -IFR

2 Min Read

KUALA LUMPUR, May 3 (Reuters) - Edra Energy (IPO-EDRA.KL) has relaunched a request for proposal to hire banks for its IPO that is targeting to raise $500 million to $1 billion, IFR Asia reported citing two sources with knowledge of the deal.

Banks have to respond to the request for proposal (RFP) by May 9, one of the sources told IFR, a Thomson Reuters publication.

Edra Energy withdrew its RFP in February this year, within the same day of launching it, without giving any reason.

The company is Malaysia's second largest independent power producer. It was formerly owned by state fund 1MDB and was seeking a $1 billion-$3 billion IPO. The IPO plans faltered as 1MDB became embroiled in money laundering investigations.

In 2015, 1MDB sold Edra Energy to China General Nuclear Power (IPO-CGNP.HK) for $2.3 billion.

Edra Energy could not be immediately reached for comment. (Reporting by S Anuradha of IFR, writing by Liz Lee; Editing by Gopakumar Warrier)

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