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The loss from a failed 12-year foray in the Indian wireless market marks Malaysian tycoon T. Ananda Krishnan’s biggest-ever hit on a soured investment.
The wealth fund expects as much as $300 million from the sale and will invite potential investors later this month.
AEP Investment Management plans to seek a market value of as much as $459 million and aims to list around the second quarter.
The Malaysian palm oil producer is considering selling 25% to 49% of the business.
A $500 million offering would be the largest IPO in the city-state from a healthcare company in more than five years.
Mubadala’s stake is worth about $920 million based on Thursday’s closing price.
The KL-based company may invite banks to formally pitch for a role on the deal this quarter.
Samling is working with advisers to explore a possible dual listing of the business in Kuala Lumpur and Singapore later this year.
It will join Hermina Hospital Group and snack maker GarudaFood Group in seeking to sell stock.
The stake could draw interest from strategic buyers including Mitsui.