When Petronas Chemicals Group (PCG) will make its debut on Bursa Malaysia on 26th November 2010, collectively Petronas group will account for over 10 per cent of Bursa Malaysia’s total market capitalisation and over 16 per cent of the FBM KLCI.
PCG debut on Bursa Malysia is the second initial public offering (IPO) by Petroliam Nasional Bhd this year. Last October, Petronas Rig builder, Malaysia Marine and Heavy Engineering Bhd (MHB), made its debut on Bursa Malaysia, jumped 19 per cent to RM4.51 in its first trading day.
With the inclusion of the PCG’s IPO and MHB, Petronas will have six companies listed on Bursa Malaysia, with a total market capitalisation of RM124 billion. The other four companies are MISC Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd and KLCC Property Holdings Bhd
During last MHB IPO, Institutional investors bid for more than 27 times the shares allocated to them and the share offering was oversubscribed by some 28 times.
Petronas management is confident that PCG’s debut on Bursa Malaysia will be on par with, if not better than, MHB’s.
There will be more major government IPO to hit the market in the future. Government wants more companies under its departments, agencies and government-linked investment companies to be listed. The most notable ones include Felda Holdings Bhd, Composite Technology Research Malaysia and Percetakan Nasional Bhd.
For those who would like to subscribe to Petronas Chemicals Group Bhd’s IPO, remember that the closing date & time is 9th November 2010 at 5pm. You can do so via ATM machines or internet banking.