MISC plans to list shipyard unit

MISC plans to list its shipyard Malaysia Marine and Heavy Engineering on Bursa Malaysia. MISC said it was formulating plans for the listing of MMHE and would appoint advisors. “Further details on the proposed IPO will be made known upon finalisation of the scheme,” the company said. No timeframe for the offering or how much might be raised was given. The offering raises the possibility of MMHE entering into an acquisition. "Since MMHE is operating at optimal level, we think the potential fund raising may spur the entity's cash flow and hence open the door to a potential acquisition," OSK Research said in a research note.