1MDB to woo investors for unit's US$3b IPO

Kuala Lumpur

HEAVILY indebted 1Malaysia Development Bhd is planning meetings in January with potential cornerstone investors for the US$3 billion IPO of its power business 1MDB Energy, said sources familiar with the matter.

The initial public offering is aimed at helping the state investor, known as 1MDB, reduce a debt burden that exceeds US$11 billion. Plans for the sale had been delayed several times, bankers say, due to a longer-than-expected due diligence process and debt refinancing negotiations.