Malaysia's Medini Iskandar plans $1b IPO in 2014: Sources
KUALA LUMPUR (REUTERS) - Medini Iskandar Malaysia, an urban township property developer, plans to list on the local stock exchange in the first half of 2014 in a deal that could raise up to US$800 million (S$1.01 billion), two sources familiar with the matter told Reuters.
The initial public offering (IPO) would see the company joining a handful of listed "master developers" in Asia, such as the Philippines' Ayala Corp and Japan's Mitsubishi Estate Co Ltd.
Those companies typically develop a region and have a number of property companies in their stable.
"Banks are pitching for the deal," said one of the sources, adding that the plan was still in a preliminary stage. The sources declined to be named because the matter was private.