Kenanga IB, Petronas ink MoU on scheme for oil & gas players keen on doing IPO

PETALING JAYA: Kenanga Investment Bank Bhd and Petroliam Nasional Bhd (Petronas) have signed a memorandum of understanding (MoU) to collaborate in the implementation of the Petronas Lestari: Road to Bursa Programme for the oil & gas services and equipment (OGSE) sector.

In a Bursa Malaysia filing, Kenanga said the programme aims to build resilience, improve governance and sustainability of OGSE vendors through initial public offerings.

“The programme is meant for the vendors who have indicated interest to undertake an IPO exercise, so the collaboration between Kenanga IB and Petronas serves to ease IPO candidates’ journey for an eventual listing on the equity market,” it said.

Kenanga will conduct initial assessment on the vendors as deemed fit and according to the standard market practices of evaluating a potential IPO candidate.

Meanwhile, Petronas will provide a platform for Kenanga to connect with the vendors for the purpose of promoting their services to the vendors and to provide support throughout the IPO preparation process.