Petroliam Nasional Bhd., Malaysia’s state oil and gas company, hired Deutsche Bank AG, Morgan Stanley and CIMB Group Holdings Bhd. to advise on an initial public offering of its petrochemical unit, said two people with direct knowledge of the planned share sale.
Petronas, as the company is known, may raise about $2 billion from a stock offering in the fourth quarter, said one of the people, who declined to be named because the plan is private.
Petronas said in April it planned to list the petrochemical unit and Malaysia Marine & Heavy Engineering Sdn. after Prime Minister Najib Razak called for state-owned enterprises to accelerate asset sales.
Azman Ibrahim, a spokesman for Kuala Lumpur-based Petronas, didn’t respond to telephone calls and e-mails seeking comment.
Mark Bennewith, a Singapore-based spokesman for Deutsche Bank, declined to comment. Nick Footitt, a Hong Kong-based spokesman for Morgan Stanley, was traveling and unavailable and officials at CIMB declined to comment.
The Star newspaper reported the hiring of Deutsche Bank, Morgan Stanley and CIMB earlier today, citing people with knowledge of the plan that it didn’t identify.
MISC Bhd., a listed unit of Petronas, hired JPMorgan Chase & Co., Maybank Investment Bank Bhd. and Credit Suisse Group AG to raise $500 million from the Malaysia Marine IPO in the second half of this year, said two people with knowledge of the plan in May.
Petronas already has four units listed on Kuala Lumpur’s stock exchange, including MISC. The others are Petronas Dagangan Bhd., Petronas Gas Bhd. and KLCC Property Holdings Bhd.