1MDB listing energy assets in US$3b IPO

Kuala Lumpur

MALAYSIAN state investor 1 Malaysia Development Bhd (1MDB) took a big step towards a planned US$3 billion initial public offering (IPO) for its power plant assets, filing a long-awaited application for a flotation that will reduce its huge debt burden, sources said.

The IPO plans have been delayed several times, bankers have said, as the fund has had to restructure loans and as it bid - ultimately successfully - to build a new domestic coal-fired power plant.