Friday, 26 July 2013

Ranhill Energy and Resources Bhd IPO withdrawn

KUALA LUMPUR: Ranhill Energy and Resources Bhd's initial public offer has been withdrawn and the monies for the IPO would be refunded to all applicants and investors.

The company's principal adviser Maybank Investment Bank said on Friday the board had decided to withdraw the application for the IPO that was submitted to the Securities Commission on Jan 14.

"The board will ensure that all application/placement monies for the IPO will be refunded to all applicants/investors without interest in a timely manner," Maybank IB said.

The IPO had involved up to 407 million shares in conjunction with the listing of and quotation for the entire 961.70 million shares on the Main Market of Bursa Malaysia Securities Bhd.

Meanwhile, Ranhill Energy and Resources said the Securities Commission had vide its letter dated July 26 (Friday), taken note of the board's decision and has notified that its approval granted via its letter dated June 11, had therefore lapsed.

It said the SC required Ranhill and Maybank IB to ensure all application/placement monies received from the applicants/investors were duly refunded in a timely and orderly manner.

The company also said Petroliam Nasional Bhd (Petronas) had agreed to uplift the suspension of Perunding Ranhill Worley Sdn Bhd (PRW) and/or any persons connected to PRW (including any body corporate which is associated with PRW's shareholders and/or directors and Worley Parsons Ltd) for the upstream activities, effective from July 25.

PRW is an affiliate of Ranhill.

However, for downstream activities, the suspension of the relevant persons as set out in the letter from Petronas dated July 17, remained unchanged.

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