KUALA LUMPUR: Petronas has roped in six investment banks and corporate finance advisors to advise its vendors in the oil & gas services and equipment (OGSE) in Malaysia on becoming listed companies.
Firms that intend to pursue initial public offerings (IPOs) can approach KAF Investment Bank Bhd, Kenanga Investment Bank Bhd, MIDF Amanah Investment Bank Bhd, DWA Advisory Sdn Bhd, MainStreet Advisers Sdn Bhd and Wyncorp Advisory Sdn Bhd.
The initiative is part of the ‘Petronas Lestari: Road To Bursa’ programme launched in May 2019 in collaboration with Bursa Malaysia. The programme encourages the listing of potential OGSE vendors on the local bourse to improve the vendors’ resilience and sustainability.
Petronas signed Memorandums of understanding (MoUs) with the six to ease OGSE vendors’ selection of advisors to support them with attractive pre-IPO offerings, as well as IPO advisory for the Leading Entrepreneur Accelerator Platform (LEAP), which is for SMEs and startups to raise capital on Bursa Malaysia.
The MoUs, however, do not prevent the OGSE vendors from selecting and working with other investment banks and corporate finance advisors.
At the recent MOUs signing, Petronas group procurement vice president Liza Mustapha said that going public would present many benefits for OGSE vendors, especially those looking to expand their business offerings in areas which excite investors, including new technologies, digitalisation, diversification and overseas growth.
“By being listed, OGSE vendors would be maintaining high standards of management, implementing good governance and always be on the lookout to expand and grow; all of which would enhance the sustainability and resiliency of their businesses.
“Public profile and visibility would also be much elevated once our vendors are listed, enabling further rapid growth in Malaysia and also overseas,” she added.
Bursa Malaysia director of securities market Mahdzir Othman, in encouraging OGSE vendors to be listed on the Malaysian stock exchange, pointed out that being home to more than 900 companies across 60 economic activities, it is the largest bourse in Asean in terms of the number of companies.
“Bursa Malaysia offers listing avenues for companies of all sectors and sizes – the Main Market for established companies, the ACE Market for growth companies and the LEAP Market for SMEs, including start-ups,” he added.
Petronas has so far conducted IPO briefings and one-to-one coaching sessions for about 60 vendors with the potential to meet IPO requirements and will continue to identify vendors with high potential to be listed on Bursa Malaysia. – Feb 20, 2020, Bernama
