Petronas marine engineering unit completes $659 million float

Malaysia Marine and Heavy Engineering, which constructs oil and gas rigs among other things, is the first of two Petronas units to seek a listing this year.

Malaysia Marine and Heavy Engineering, a builder of rigs for the offshore oil and gas industry, including floating structures converted from crude carriers and tankers, has raised about M$2.04 billion $659 million from its initial public offering after pricing the deal at the top of the offering range.

Investors flocked to the deal partly because of a desire to get exposure to Malaysia and Southeast Asia, which is the best performing region in Asia year-to-date. With a 17% gain, Malaysia is lagging the region’s top performers like Indonesia 42%, the Philippines 38% and Thailand 36%, but the benchmark index reached a 35-month high last week and analysts are positive on the market.

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