INITIAL PUBLIC OFFERINGS (IPOs) IN ... - Bank Islam … · seminar on islamic finance & initial...

SEMINAR ON ISLAMIC FINANCE

&

INITIAL PUBLIC OFFERINGS (IPOs)

IN THE ISLAMIC FINANCING CONTEXT

STRICTLY PRIVATE & CONFIDENTIAL

17 March 2010 / 1 Rabiulakhir 1431H

LIM SHUEH LI

HEAD OF CORPORATE FINANCE DEPARTMENT

CORPORATE INVESTMENT BANKING

BANK ISLAM MALAYSIA BERHAD

IN THE ISLAMIC FINANCING CONTEXT

IPO

Why IPO?

LIQUIDITY OF

SECURITIES

� IPO provides greater liquidity of securities.

� Quoted securities, because of their marketability, may be

transacted at a premium.

� Quoted securities tend to be accepted by lenders as

collateral.

ABILITY TO RAISE

FUNDS

� Wider choice of financing alternatives e.g. issue of new

equity securities, private debt securities or debt securities

with equity linked instruments.

2

with equity linked instruments.

� Able to secure borrowing at more competitive terms as a

result of its enhanced credit standing.

BETTER POSITION

TO SECURE

BUSINESS DEALS

� Suppliers, customers and other business associates may

feel more secure when they are dealing with public listed

companies.

� This is mainly due to the listing status which may provide

some indication as to the financial strengths and quality of

management of Applicant.

IPO

Why IPO? (cont’d)

ENABLE PUBLIC

PARTICIPATION

� A listing status will provide the Malaysian public the

opportunity to participate in the equity of Applicant and

hence its future growth and profitability.

ENHANCEMENT OF

IMAGE

� Greater visibility and higher profile.

� Listed status enhances reputation and credibility of

Applicant.

ATTRACT AND � As a way of rewarding employees, Applicant can consider

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ATTRACT AND

RETAIN

EMPLOYEES

� As a way of rewarding employees, Applicant can consider

the allocation of securities via pink forms to its employees in

its IPO exercise. These allocations would constitute part of

the public shareholding spread requirement.

� Ability to attract, retain and reward employees through the

establishment of an Employee Share Option Scheme

(“ESOS”).

� A listed company's ESOS is naturally more attractive to

existing and prospective employees.

IPO

Implications of IPO

COMPLIANCE AND

DISCLOSURE

REQUIREMENTS

� A listed company has to comply with the rules of Bursa

Malaysia Securities Berhad (“Bursa Securities”) and

Securities Commission (“SC”) which regulate its

transactions and impose extensive disclosure

requirements such as quarterly and annually reporting to

shareholders and public.

� Opportunity for competitors to understand more the public

listed company’s business strategies.

4

listed company’s business strategies.

SHAREHOLDERS’

APPROVAL

� All major investment decisions, acquisitions, divestment or

securities issues will require approval of shareholders at a

general meeting convened for that purpose. Transactions

involving the interests of substantial shareholders and/or

directors will preclude them and their related parties from

voting.

IPO

Implications of IPO (cont’d)

PUBLIC

ACCOUNTABILITY

� A listed company is usually under constant scrutiny of the

press and the public.

REDUCING

CONTROL

� The existing management/owner of an unlisted company

would have their interest diluted as part of the IPO

process.

� Major shareholders would not be in the position to control

the action of other shareholders.

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DIRECTORS’

RESPONSIBILITIES

� Applicant’s directors will have greater responsibility to

safeguard the interests of Applicant and its shareholders,

particularly the minority shareholders.

� Stricter requirements to comply with existing

requirements and disclosures.

HIGHER COSTS

AND RESOURCES

COMMITMENT

� Additional costs, resources and disclosures

requirements, i.e. quarterly and annually financial

reporting to shareholders and public.

IPO

Practical Issues for Consideration

Prior to Submission

� Taxation

• All tax issues would need to be settled and addressed.

• SC’s equity guidelines contains provisions for Applicant and its

subsidiaries to make up-to-date submissions of tax returns and

settlements of tax liabilities to Inland Revenue Board.

• Tax issues may reflect the promoters’ attitude towards corporate

� Taxation

• All tax issues would need to be settled and addressed.

• SC’s equity guidelines contains provisions for Applicant and its

subsidiaries to make up-to-date submissions of tax returns and

settlements of tax liabilities to Inland Revenue Board.


6


governance.


governance.

� Conflicts of Interests

• All conflicts of interests especially between directors’ personal interest

and the Applicant’s businesses should be resolved, eliminated or

mitigated prior to listing, which have to be fully disclosed and addressed

in the prospectus and submission to the authorities.

IPO

Practical Issues for Consideration (cont’d)

� Bumiputera shareholdings for National Development Policy (“NDP”)

Requirements

• If the company proposes to nominate its own Bumiputera shareholders to

be recognized by the Ministry of International Trade and Industry to meet

the NDP requirements, it should ensure that these parties would become

shareholders of the Applicant at least 6 months prior to the submission to

the authorities.

7

� Licenses, Permits and Approvals

• All licenses, permits and approvals for the Applicant to carry out its

business should be obtained prior to submission.

• Certificates of fitness for occupation (CF) must be obtained particularly

for Applicant’s factories. IPO may be delayed if CF are not obtained.

� Licenses, Permits and Approvals

• All licenses, permits and approvals for the Applicant to carry out its

business should be obtained prior to submission.

• Certificates of fitness for occupation (CF) must be obtained particularly

for Applicant’s factories. IPO may be delayed if CF are not obtained.

IPO


� Corporate Governance

• High emphasis on corporate governance.

• SC may reject proposals where Applicant or its directors have adverse

� Corporate Governance

• High emphasis on corporate governance.


� Risk Management Issues

• Issues on susceptibility to flood, fire, outbreak of disease and other risk

factors which may be detrimental to the operations of Applicant.

� Risk Management Issues

• Issues on susceptibility to flood, fire, outbreak of disease and other risk

factors which may be detrimental to the operations of Applicant.

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governance records, e.g. breach of laws and guidelines.


governance records, e.g. breach of laws and guidelines.

IPO


Assessment of suitability for listing

� Qualitative Issues

• Industry developments affecting viability of business.

• Competition intensity : Need for Applicant to demonstrate its competitive edge.

• High reliance on certain customers/suppliers.

• Non-compliance to legislations, rules and conditions imposed by authorities.

• Continuity of management/succession planning, i.e. dependence on certain

directors or key management.

� Qualitative Issues

• Industry developments affecting viability of business.

• Competition intensity : Need for Applicant to demonstrate its competitive edge.

• High reliance on certain customers/suppliers.

• Non-compliance to legislations, rules and conditions imposed by authorities.

• Continuity of management/succession planning, i.e. dependence on certain

directors or key management.

9

directors or key management.directors or key management.

� Quantitative Issues

• Uncertainty in future financial performance.

• Profit track record met through contribution from non-sustainable business.

• High gearing ratio.

• Default in borrowings.

• High slow moving and/or obsolete stocks.

• High overdue trade debtors.

� Quantitative Issues

• Uncertainty in future financial performance.

• Profit track record met through contribution from non-sustainable business.

• High gearing ratio.

• Default in borrowings.

• High slow moving and/or obsolete stocks.

• High overdue trade debtors.

IPO

Malaysia Stock Market & IPO Environment

Number of New Listings (As at 25 February 2010)

Year Main Market ACE Market Total

2010 2 0 2

2009 12 2 14

Year Main Board Second Board Mesdaq Market Total

2008 7 8 8 23

2007 15 8 3 26

2006 10 8 22 40

2005 16 17 46 79

10

Number of Listed Companies (As at 8 March 2010)

Year Main Market ACE Market Total

2010 842 116 958

2009 844 116 960

Year Main Board Second Board Mesdaq Market Total

2008 634 221 122 977

2007 636 227 124 987

2006 649 250 128 1027

2005 646 268 107 1021

Source : Bursa Securities’ website

IPO

Estimated Listing Timeline

An estimation of approximately 7 months is required for the completion of an

IPO exercise.

time

Appointment of Principal

Adviser

Submission to

Authorities

(SC and other relevant

authorities)

Underwriting Signing

CeremonyBalloting

4.5 months6 months 7 months

11

Appointment of Due

Diligence Solicitors and

Reporting Accountants

Approval from

SC and other relevant

authorities

Registration and Lodgement of

Prospectus with SC and CCM

Opening of Offer

Start 2 months 5.5 months 6.5 months

LISTING

Submission of quotation

documents

CCM: Companies Commission of Malaysia

IPO

Bank Islam’s Roles in IPO

� Our roles may include the following:-

• Advise, plan and implement the optimum strategy for IPO;

• Advise on the restructuring and equity structure in preparation for IPO;

• Advise on the relevant guidelines and regulations of relevant

authorities;

• Coordinating the work of the parties involved in the IPO;

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• Coordinating the work of the parties involved in the IPO;

• Assisting the company to project manage the deal to completion;

• Assisting in review of documentations associated with the IPO;

• Assisting in due diligence review and verification exercise process to be

carried out for the IPO; and

• Preparing and making submission to the relevant authorities for

approvals.

MAIN MARKET OF MAIN MARKET OF

BURSA MALAYSIA SECURITIES BERHADBURSA MALAYSIA SECURITIES BERHAD

13

BURSA MALAYSIA SECURITIES BERHADBURSA MALAYSIA SECURITIES BERHAD

Main Market of Bursa Securities

Equity Guidelines - Main Market

Requirement Equity Guidelines Remarks

Profit track

record test

� Profit track record:

� Uninterrupted profit track record of 3 to 5

full FYs:-

� Ease requirements to be met by

applicant, easier access with uniform

entry requirements.

� The new profit requirements of the

Main Market is the average of both,

the Main Board and Second Board. It

takes into consideration profit

requirements of other major bourses.

Main Market

Total PAT over

3-5 FYs

≥ RM20 million

PAT for the ≥ RM6 million

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� ProformaAccounts:-

� Qualifying companies must be able to fulfill

the profit requirements based on the

strength of the group’s proforma accounts:-

- Same core business;

- Common controlling shareholders.

� Similar entry requirement for

companies with predominantly

foreign-based operations may attract

foreign listings.

PAT for the

most recent

FY

≥ RM6 million


Market

capitalisation

test

� Market capitalisation:-

� Minimum RM500 million.

� Profit record:-

� None.

� ProformaAccounts:-

� If listing based on the strength of proforma

accounts, corporations within the group

must have common controlling

� Removals of:-

(i) profit requirement for latest

financial year;

(ii) same core business and

common directors for

proforma accounts; and

(iii) shortening of operating

history;

will enable more large capitalised

local and foreign companies to list in


Equity Guidelines - Main Market (cont’d)

15

must have common controlling

shareholders only.

� Operating history:-

� Must have been incorporated and

generated operating revenue for at least 1

full financial year.

local and foreign companies to list in

Malaysia.

� The changes bring our requirements

at par with than other regional

exchanges.


Infrastructure

project

company (IPC)

test

� Applicants with remaining concession or license

of at least 15 years.

� At least RM500.0 million project cost.

� Shorter remaining concession period allowed if

the IPC has a profit track record.

� More IPCs will be eligible for listing.

Minimum paid-

up capital

� No minimum paid-up capital. � Another flexibility provided by SC.

Profitable companies not requiring

large capital base e.g. services or



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large capital base e.g. services or

trading industries now able to list on

Bursa Securities without having to

enlarge its share capital beyond its

business requirement.

Management

Continuity and

Capability

� Applicant should have had continuity of

substantially the same management for at least

three full financial years prior to submission to

the SC or for companies listing through market

capitalisation or IPC route, since the

commencement of its operations (if less than

three full financial years).


Underwriting � No mandatory underwriting.

� Optional underwriting based on the funding

requirements of applicant.

� Underwriting arrangements are at the discretion

of the applicant and its Principal Adviser (PA).

� If there is an underwriting arrangement, the PA

must be part of the syndicate of underwriters.

� Optional underwriting may raise new

issues to the market.

� Market perception for the new listing if

no underwriting arrangement is put in

place.

� PA and applicant need to consider all

the risk factors when determining the

minimum level and maximum level of



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must be part of the syndicate of underwriters.

� To disclose in the listing prospectus:-

� If the minimum subscription is not

achieved, the offering of securities must be

terminated and all consideration received

must be returned to subscriber.

� The level of underwriting that has been

arranged, with justifications for the level

arrangement.

minimum level and maximum level of

shares available for subscription

including the reputational impact

should there be an under-subscription

situation.


Additional

requirements

for the Listing

of Specific

Companies

� All additional requirements have been removed.

� For property development and investment

companies, an independent valuer must be

appointed.

� Lesser requirements to meet for the

specific companies.

� Easier access for these companies to

enter into the capital markets.

Secondary

listing of

foreign

� The market capitalisation and profit

requirements have been removed.

� With the removal of the market

capitalisation and profit requirements,

it would encourage more secondary



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foreign

corporations � Foreign corporations should have the relevant

laws and standards that are at least equivalent

to those in Malaysia particularly with respect to:-

(i) corporate governance;

(ii) shareholder and minority interest protection;

and

(iii) take-overs and mergers.

it would encourage more secondary

listings of foreign corporations on

Bursa Securities.

� PA to assume more responsibilities in

listing foreign corporations.

� Concern may be foregoing quality for

quantity with the removal of the

quantitative requirements?


Allocation to

Bumiputera

investors

� Companies with Malaysian-based operations

seeking listing on the Main Market and ACE

Market are required to allocate 50% of the

public spread requirement to public Bumiputera

investors (<5% shareholdings) at the point of

listing (i.e. effectively 12.5% Bumi equity

participation) (“Requirement”). This includes

the portion made available for subscription via

balloting, 50% of which are to be made

available to retail Bumiputera investors.

� Easier access to Malaysia’s capital

market and shortening the time to

listing as currently some companies

have difficulties in allocating shares to

Bumi investors.

� Under the revised process, domestic

companies seeking listing will have to

comply with the Requirement of

12.5% Bumi equity participation:-



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available to retail Bumiputera investors.

� Companies with Multimedia Super Corridor

(MSC) status, BioNexus status and companies

with predominantly foreign-based operations

are exempted from the Bumiputera equity

requirements.

12.5% Bumi equity participation:-

� Applicant to make their shares

available to MITI-approved

institutions and investors;

� If shares unsubscribed, shares

are to be made available to a

wider Bumi public via an IPO

balloting process; and

� Applicant will be deemed to have

complied with the Bumi equity

requirement once they have

completed the process.


Moratorium on

Disposal of

Shares

� For IPC, moratorium on promoters’ entire

shareholdings for 6 months period and 45%

thereafter until IPC registered full financial year

revenue.

� For listing under profit track record test or

market capitalisation test, moratorium on

promoters’ entire shareholdings for 6 months

period from the date of listing.

� Uniform moratorium requirements for

companies listed under profit test,

market capitalisation test and IPC test.

� Shorter moratorium for IPC i.e.

promoters cannot sell their shares in

first 6 months.

� Raises concerns on investor’s

protection :-



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protection :-

� Will it reduce an investor’s

comfort investing in IPC’s?


Special

Purpose

Acquisition

Companies

(SPACs)

Definition of

SPACs:

Shell

companies

� Must raise a minimum RM150.0 million.

� Minimum 90% of IPO proceeds to be deposited

in a trust account.

� At least 80% of amount in trust account to be

used for qualifying acquisition.

� At least 10% in the SPAC held by management

team upon IPO with embedded restriction on

� SPACs could be used as a vehicle to

promote private equity activities and

encourage corporate mergers and

acquisitions (M&A) – no restriction in

the industry that SPAC can make

investment.



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companies

without

operations that

go public with

the intention of

merging with or

acquiring

operating

companies of

business with

the proceeds of

their IPO

team upon IPO with embedded restriction on

voting and participation in liquidation

distribution.

� A SPAC must demonstrate that the members of

its management team have the experience,

qualification and competence to achieve the

SPAC’s business strategy.


Back-Door

Listings

(“BDL”)/

Reverse

Takeovers

(“RTO”)

BDL/RTO must satisfy the following tests:-

� Aggregate PAT over 3 to 5 years minimum

RM20.0 million.

� Latest financial year PAT of minimum RM6.0

million.

� Allow profit requirement to be met by enlarged

group/assets.

� The requirements are now aligned as

per IPO requirements.

� SC’s approval is not required for

disposal of assets. However approval

is required at the point when a listed

company acquires assets which

results in a BDL/RTO.

� In line with the SC’s objective to



22

group/assets. � In line with the SC’s objective to

encourage more M&A. Profits from

the new assets can be combined with

the existing assets to meet the

minimum profit track record

requirement.

� BDL/RTO is easier since

“uninterrupted profit” requirement has

been removed.


BDL/RTO

(cont’d)

� Moratorium on vendor’s shareholdings for 6

months.

� Placement of shares to meet shareholdings.

� A new percentage ratio has been introduced:-

(i) Revenue attributable to the assets which

are the subject of the acquisition divided

by the revenue of the listing corporation;

and

� Uniform moratorium period as IPO i.e.

6 months.

� However, more responsibility for PA

as there is enhanced disclosure

requirements in the announcement

and circular e.g. greater details on

utilisation of proceeds raised and

justifications for issue of new

securities rather than available



23

and

(ii) Further clarification is set out in PN3.

securities rather than available

financing options etc. Further details

are set out in Appendix 10A and 10B

of Listing Requirements (LR).


Proposals by

Distressed

Listed

Company

(“DLC”)

� Removed entirely from the Equity Guidelines -

Main Market.

� Such DLC will be governed under the Bursa

Securities’ LR Para 8.04 and PN 17/ GN 3. PA

to ensure:

� Listed companies’ regularisation plan must

demonstrate that restructuring scheme:-

(i) is comprehensive and able to regularise its

condition;

� A DLC may be able to turn around its

financial position without undertaking

a BDL/RTO.

� If a listed company is reclassified as a

DLC within 3 years after it has

undertaken its first regularisation

proposal, the second regularisation

proposal must be of a BDL/RTO

nature and be subjected to the SC’s



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condition;

(ii) no longer trigger PN17/GN3 conditions;

and

the scheme will increase shareholders’ value.

nature and be subjected to the SC’s

approval.

� More responsibility by PA to ensure

that the reqularisation plan meets with

Bursa Securities’ LR.

Transfer from

ACE Market to

Main Market

� Compliance with either profit track record test,

market capitalisation test or IPC test.

� Requirement is simplified where it is

similar to the IPO’s requirements.

� Much more paper work as the

introductory document needs to meet

with the Prospectus Guidelines and

Procedures for Registration.

MAIN MARKET:MAIN MARKET:

SUBMISSION PROCESSSUBMISSION PROCESS

25

SUBMISSION PROCESSSUBMISSION PROCESS

T (working/market days)

15�Prospectus public exposure ends

�SC issues queries and suggestions for disclosure

enhancements

0

Application can be made to Bursa

Securities for Initial Listing (no more

separate application for listing and

quotation) at any time. Documents

(10)�Submission of valuation report

�Pre-submission consultation

�Submission to SC under S212 and S232 CMSA

�Prospectus public exposure period begins

�Review of application and prospectus begins

SC Bursa

Main Market: Submission Process

Main Market Submission Process

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enhancements

40�Adviser reverts with reply to queries,

replacement pages for prospectus

53�SC issues decision letter on approval for IPO and

approval-in-principle for prospectus registration

�Registration of prospectus60

66

quotation) at any time. Documents

required:

� Application form

� Copy of the prospectus

� Declarations / undertaken by

applicant & adviser

Processing timeframe : 6 market days

Last date for listing application to be

approved

61� Issuance of prospectus / offer period begins

ShariahShariah--Compliant Securities Compliant Securities

27

� Shariah-compliant securities are securities (ordinary shares, warrants and

transferable subscription rights) of a Bursa Securities-listed company which

have been classified as Shariah permissible for investment, based on the

company’s compliance with Shariah principles in terms of its primary

business and investment activities.

� Shariah-compliant securities list was introduced in 1997 by the Shariah

Advisory Council of the SC (“SAC”).

Shariah-Compliant Securities

Brief Introduction of Shariah-Compliant Securities

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Advisory Council of the SC (“SAC”).

� The SAC reviews the status of Shariah-compliant securities on a semi-

annual basis and will update its list of Shariah-compliant securities in the

month of May and November of each calendar year.

� The SAC reviews the Shariah-compliant securities through their annual

financial reports, obtaining of detailed company information and specific

inquiries made to the respective companies management.

� New applicant seeking for listing on Bursa Securities may apply to the

SAC for the recognition of its securities as Shariah-compliant securities.

With the Shariah compliant status, the applicant will be able to offer their

securities to a wider spectrum of investors pursuant to its IPO including

the funds from the Middle East region.

� The availability of Shariah-compliant securities led to the introduction of

the Islamic equity index. This is to meet the demands of local and


Brief Introduction of Shariah-Compliant Securities (cont’d)

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the Islamic equity index. This is to meet the demands of local and

foreign investors who seek to invest in securities which are consistent

with the Shariah principles. This index facilitates the tracking and

benchmarking of the performance of Shariah-compliant securities listed

on Bursa Securities.

� The current Islamic equity index is FBM Hijrah Shariah Index.

� The SAC has applied a standard criterion in focusing on the activities of thecompanies listed on Bursa Securities.

� Generally, companies will be labeled as Shariah-compliant if they are not principallyinvolved in the following core activities:-

• Financing services based on riba (Interest);

• Gambling and gaming;

• Manufacture and sale of non-halal products or related products;

• Conventional insurance;


Shariah non-permissible activities

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• Conventional insurance;

• Entertainment activities that are non permissible according to Shariah;

• Manufacture or sales of tobacco-based products or related products;

• Stockbroking or share trading in Shariah non-compliant securities; and

• Other activities deemed non-permissible according to Shariah.

� Interest income derived from conventional fixed deposit (“FD”) or other interestbearing instruments, and dividends received from investment in Shariah non-compliant securities are being considered in determining the Shariah conformity.

� For companies with activities comprising both permissible and non-

permissible elements, the SAC considers 2 additional criteria:-

i. Public perception or image of the company must be good; and

ii. Core activities of the company are important and considered maslahah

(“benefit” in general) to the Muslim ummah (nation) and the country, and the

non-permissible element is very small and involves matters such as umum

balwa (common plight and difficult to avoid), uruf (custom), and the rights of the

non-Muslim community which are accepted by Islam.


Shariah-compliant criteria

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non-Muslim community which are accepted by Islam.

� To determine the tolerable level of mixed contributions from permissible and

non-permissible activities towards the turnover and profit before tax of a

company, the SAC has established several benchmarks based on the

ijtihad (reasoning from the source of Shariah by qualified Shariah Scholars).

If the contributions from non-permissible activities exceed the benchmark,

the securities of the company will be classified as Shariah non-compliant.

Benchmark Description Examples:-

5% To assess the level of mixed contributions

from the activities that are clearly prohibited.

Riba (interest-based companies

like conventional banks),

gambling, liquor and pork.


from the activities involving element of umum

balwa which is a prohibited element affecting

FD’s interest income in

conventional banks and

tobacco-related activities.

The benchmarks are as follows:-


Shariah Benchmark

32

balwa which is a prohibited element affecting

most people and difficult to avoid.

tobacco-related activities.

20% To assess the level of contribution of rental

payment from Shariah non-compliant

activities.

Rental of premises that involved

in gambling and sale of liquor.


from activities generally accepted by Shariah

and involve maslahah element but there are

other elements which may affect the Shariah

status of these activities.

Hotel and resort operations,

share trading and stockbroking.

Main Market / ACE

Market

Shariah-compliant

securities

Total securities % of Shariah-

compliant

securities

Consumer products 126 135 93

Industrial products 280 290 97

Mining 1 1 100

Construction 48 50 96

Trading / Services 171 199 86


Shariah-compliant securities on Bursa Securities as at 23 November 2009

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Trading / Services 171 199 86

Properties 73 88 83

Plantation 38 43 88

Technology 98 101 97

Infrastructure (IPC) 6 7 86

Finance 5 40 13

Hotels Nil 4 Nil

Closed-end fund Nil 1 Nil

Total 846 959 88

Shariah-complaint securities1. UMW Holding Bhd

2. Y.S.P. Southeast Asia Holding Bhd

3. Hume Industries (Malaysia) Bhd

4. Lafarge Malayan Cement Bhd

5. IJM Corporation Bhd

6. YTL Corporation Bhd

7. Muhibbah Engineering (M) Bhd

8. Maxis Bhd

9. Axiata Group Bhd

10. UEM Land Holdings Bhd

Shariah non-compliant securities1. Genting Bhd

2. Berjaya Sports Toto Bhd

3. Allianz Malaysia Bhd

4. Shangri-La Hotels (Malaysia) Bhd

5. Hong Leong Financial Group Bhd

6. Pan Malaysia Corporation Bhd


Examples of Shariah-compliant securities & Shariah non-compliant securities

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10. UEM Land Holdings Bhd

11. TH Plantation Bhd

12. IOI Corporation Bhd

13. AirAsia Bhd

14. BIMB Holdings Bhd

15. Syarikat Takaful Malaysia Bhd

16. AsiaEP Bhd

17. Stemlife Bhd

18. Tamco Corporate Holdings Bhd

19. LNG Resources Bhd

20. Mikro MSC Bhd

Thank You & Wassalam

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The information contained in this presentation may be meaningful only with the oral presentation and are of the personal

view of the presenter and does not necessarily represent an official opinion of Bank Islam Malaysia Berhad.

For further information, please contact:

Lim Shueh Li

Head of Corporate Finance Department

Corporate Investment Banking

Bank Islam Malaysia Berhad

Email: [email protected]

INITIAL PUBLIC OFFERINGS (IPOs) IN ... - Bank Islam … · seminar on islamic finance & initial...

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Transcript of INITIAL PUBLIC OFFERINGS (IPOs) IN ... - Bank Islam … · seminar on islamic finance & initial...