Samling is said to prepare RM1bil IPO for Bentley dealer - Business News - News Summed Up

Samling is said to prepare RM1bil IPO for Bentley dealer - Business News


In 2014, it paid S$455mil (US$342mil) to acquire United Engineers Ltd.’s Wearnes Automotive Pte unit, which distributes Bentley and Jaguar cars in Singapore and Indonesia.Samling itself sells Bentley, Mitsubishi and Honda vehicles in Malaysia and provides after-sales services for those marques, according to its website.Any deal will add to the US$11.3bil raised through first-time share sales in Southeast Asia last year, up from US$6.1bil in 2016, data compiled by Bloomberg show. Samling would join Malaysian state-backed hospital operator IHH Healthcare Bhd ., which completed a dual listing in Kuala Lumpur and Singapore in 2012.Deliberations are at an early stage, and Samling may opt to list the business in only one stock market, according to one of the people.A representative for Samling, which is based in Sarawak state on the island of Borneo, didn’t immediately respond to requests for comment. StarChase didn’t immediately answer a call to its Shanghai office and an email sent to a general inquiry address.Samling, founded in 1963, is focused on forestry management and timber production as well as wood product manufacturing. It is also involved in oil palm cultivation and property development. - Bloomberg


Source: The Star January 03, 2018 07:07 UTC


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