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Temasek divests Hana stake

SINGAPORE

Temasek had held a 9.6-per-cent share in Hana since 2004 through its wholly-owned subsidiary Angelica Investments. Hana is South Korea’s fourth-largest financial holding firm by assets.

In a statement to MediaCorp yesterday, Temasek said that “as an active investor, Temasek regularly reviews its portfolio and remains open to maintaining, increasing or reducing its holdings, depending on opportunities and market conditions”.

Temasek is estimated to have raised more than US$600 million ($778 million) from the Hana stake sale. According to wire reports, the Hana shares were sold at 33,400 won ($38.40) each, a 6-per-cent discount from Wednesday’s closing price Analysts said news of the stake sale weighed on Hana’s shares, causing them to decline 7.3 per cent to 32,950 won.

The divestment of Hana came a day after Temasek announced its investment of US$400 million in a Brazilian oil and gas firm. — Investment firm Temasek Holdings has confirmed it has sold its entire stake in South Korea’s Hana Financial Group.Ryan Huang

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Malaysia’s biggest IPO

Petronas Chemicals to raise $5.3b and be listed next month

KUALA LUMPUR

Petronas Chemicals, a unit of Malaysian state-owned oil corporation Petronas, is expected to be listed on Bursa Malaysia next month, according to a term sheet seen by

The company is one of two Petronas units slated to list this year.

Malaysia Marine and Heavy Engineering, a maritime heavy engineering group, said in a prospectus last week it would be raising as much as RM2.04 billion ($859 million).

The listings are in line with Prime Minister Najib Razak’s plans to further divest the government’s business interests and attract foreign investment in the country.

The Petronas Chemicals’ IPO would exceed mobile-phone operator Maxis’ RM11.2 billion offering last November.

The offering comes as other South-east Asian issuers look to tap the booming equity markets with large capital raisings.

Global Logistic Properties, a unit of the Government of Singapore Investment Corporation, is looking to raise $3.9 billion in Singapore’s biggest IPO in 17 years.

Petronas Chemicals will offer up to 31 per cent of its share capital, comprising old and new shares, according to the term sheet. The indicative institutional price is RM5.20 a share, a person familiar with the matter said.

A roadshow will run until Oct 26, when initial pricing is expected. The final price is due on Nov 12.

Petronas Chemicals comprises 22 companies that manufacture chemical compounds and fertilisers, as well as industrial and speciality chemicals.

The company posted a net profit of RM2.59 billion on revenue of RM12.2 billion in the fiscal year ended March 31 this year.— The Petronas Chemicals Group plans to raise about US$4 billion ($5.3 billion) in Malaysia’s largest initial public offering, people familiar with the matter said yesterday.Dow Jones newswires.

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