Clifford Chance

Clifford Chance advises on international aspects of Malakoff Corporation Berhad's US$769 million IPO

Leading international law firm Clifford Chance has advised a group of 13 banks serving as joint placement managers on the international aspects of Malakoff Corporation Berhad's US$769 million (RM2.74 billion) initial public offering and listing on Bursa Malaysia Securities Berhad. The shares were offered globally, including in the US, pursuant to Regulation S and Rule144A. The deal priced at RM1.80 per share. 

The transaction manager for the banks was Maybank Investment Bank Berhad, and the joint global coordinators were Maybank, CIMB Investment Bank Berhad, Credit Suisse (Singapore) Limited, JPMorgan Securities (Malaysia) Sdn Bhd and J.P. Morgan Securities plc.

The joint bookrunners were Deutsche Bank AG, Hong Kong Branch; Merrill Lynch (Singapore) Pte Ltd; Morgan Stanley & Co. International plc; Nomura International (Hong Kong) Limited; the Hongkong and Shanghai Banking Corporation Limited, Singapore branch; and Hong Leong Investment Bank Berhad. The co-lead managers were CLSA Singapore Pte Ltd and Macquarie Capital (Singapore) PTE Limited.

Lead partner Johannes Juette said, "We were delighted to work on this much anticipated IPO. The offering drew high demand from institutional and retail investors, making it one of the most successful recent Malaysian IPOs. The deal shows our continued strong track record of providing international advice on Malaysian offerings."

Johannes was supported by senior associate Shashwat Tewary and associate Cora Ang. Adnan Sundra & Low acted as Malaysian counsel to the underwriters.

Malakoff Corporation Berhad is an independent power producer in Malaysia and throughout Asia.