1MDB to submit IPO plan for energy unit

Kuala Lumpur

1Malaysia Development Bhd, set up by the government five years ago to build infrastructure, is preparing to submit an initial public offering application for its Edra Energy Bhd unit by May, people familiar with the matter said on Friday.

1MDB plans to raise as much as US$3 billion from the domestic share sale, said the people, who asked not to be identified as the details are private.

The state investment company is listing its energy unit as part of a strategy announced last month to dismantle its assets and wind down the company. It has drawn criticism from la…