1MDB IPO to be delayed

Company logo from the website

The initial public offering (IPO) of 1Malaysia Development Bhd’s (1MDB) power business is likely to be delayed as the state-owned company concentrates on resolving debt repayments, news wires reported.

Just a day ago, the local media was abuzz with billionaire T Ananda Krishnan’s reported interest to take up a cornerstone position in the mega listing of 1MDB’s energy assets.

Bloomberg reported about the ongoing discussions to sell stake in the unit to Krishnan, as 1MDB works to repay the firm’s bridge loan by this month. This new development is likely to hold up the $3 billion IPO of 1MDB Energy Bhd.

The share sale, originally scheduled for as early as in April, will be pushed into the second half of the year, sources said.

It was reported that Krishnan is in talks to exercise an option, which he gained when he sold energy assets in Tanjung Energy Holdings to 1MDB in 2012, to buy a stake in the power business.

The size and terms of the deal are still under discussion.

1MDB missed two repayment deadlines for a MYR2 billion bridge loan and has been given an extended period to repay by the end of January. The company’s controversial borrowings have climbed to MYR42 billion as of March 2014.

1MDB Energy’s assets include those which the parent company bought from Krishnan and Genting Bhd.

1MDB paid MYR8.5 billion for Krishnan’s power assets in Malaysia, Egypt, Pakistan and the United Arab Emirates. It bought Genting’s domestic power-generation business for MYR2.3 billion. All in all, 1MDB has 3,112 MW of local generating capacity and 2,482 MW overseas.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.