Malaysia's Scomi Group Bhd says it plans to list its drilling unit, KMC Oiltools Overseas Ltd., through an initial public offer on the Singapore Exchange.
Offshore staff
KUALA LUMPUR, Malaysia -- Malaysia's Scomi Group Bhd says it plans to list its drilling unit, KMC Oiltools Overseas Ltd. (KMCOM), through an initial public offer on the Singapore Exchange.
Internal restructuring is to accompany a proposed refinancing of the borrowings of SCOMI and its subsidiaries, it said in a filing to Bursa Malaysia in Kuala Lumpur.
The listing would give KMCOB access to capital markets to raise funds for its on-going international expansion and continued growth of oil & gas business, it said.
The proceeds, estimated at about $136.6-$163.9 million also is earmarked to build other business opportunities or to retire debts, improving the gearing of KMCOB Group and SCOMI Group.
