KUALA LUMPUR (Oct 29): The Securities Commission Malaysia (SC) has given its greenlight for oil and gas tanker operator Orkim Bhd to float shares on the Main Market of Bursa Malaysia.

“The initial public offering (IPO) and the proceeds to be raised from the IPO will help us pursue our fleet expansion plans to capitalise on new growth opportunities,” said Orkim chief executive officer Captain Cheah Sin Bi in a statement.

The IPO comprises an offer for sale of up to 300 million existing shares and a public issue of 100 million new shares; the two blocks of shares represent 40% of Orkim’s enlarged issued share capital. The IPO’s selling shareholder is Tetap Kuasa Sdn Bhd, Ekuinas’ investment holding vehicle that currently owns 100% of Orkim.

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