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Tycoon Ananda Krishnan’s Bumi Armada is raising as much as US$906 million through an IPO next month, according to a term sheet, in what will be Southeast Asia’s second largest stock offering after Hutchinson Port’s Singapore listing.

The oil and gas service provider’s IPO will list on the Kuala Lumpur stock exchange despite volatility in financial markets that has canned a number of deals in Singapore and Hong Kong.

The IPO has attracted seven cornerstone investors, including Malaysia’s state investment fund Permodalan Nasional and Prudential Fund Management, which have pledged to invest about US$309 million into the deal.

The term sheet seen by Reuters on Monday showed Bumi Armada set a price range for RM2.80 to RM3.15 per share, raising as much as US$906 million — lower than initial expectations of a US$1 billion fundraising.

This reflects some investor skittishness over increased financial volatility due to the Greek debt crisis and inflationary pressures.

Bumi Armada officials could not be reached for comment.

A record US$58 billion worth of IPOs in Asia have been pulled in the first six months by 36 companies, a record and 39 per cent more than a year ago, Thomson Reuters data shows.

“Bumi Armada coming into play will be good for the Malaysian stock market, because we lack these type of headline grabbing IPOs,” said Abdul Jalil Rasheed, a Kuala Lumpur-based fund manager at Aberdeen Asset Management.

“Then again, this is a re-listing and we have to wait and see whether this is a company that can bring in the returns because oil and gas sector is very cyclical,” he said.

Bumi Armada will be the largest offer in Malaysia since the listing of Petronas Chemicals last year.

Bumi Armada is an offshore oil support specialist, and is the only Malaysian company that owns floating production storage and offloading (FPSO) vessels, which carry a premium lease rate.

Bumi Armada was privatised in 2003 by tycoon T. Ananda Krishnan, and a planned relisting in 2008 was delayed due to the global financial crisis. A subsequent relisting plan was also shelved.

The re-listing comes as Malaysia seeks to draw in investment from oil and gas majors like Exxon Mobil and Royal Dutch Shell, to develop new oil and gas assets in country and reverse sluggish output.

The joint global coordinators for the IPO are CIMB , Maybank and Credit Suisse, which are also joint bookrunners with RHB , CLSA and UBS , according to the term sheet.

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EON Capital Bhd (EONCap) will be delisted from the Main Market of Bursa Malaysia by early October 2011, director Nicholas Lough said.

The delisting follows the disposal of EONCap’s entire assets and liabilities to Hong Leong Bank Bhd (HLBB).

“Our businesses will be concluded by end of the year and we expect (EONCap) to be delisted by end of the third quarter or early fourth quarter,” he told reporters after its annual general meeting yesterday.

HLBB took over EONCap in a RM5.06 billion deal, paving the way for the former to become the fourth largest banking group in the country.

As part of the deal, EONCap will pay a special tax-exempt dividend of RM5.16 per share today to shareholders, totalling RM312 million.

EONCap chairman Goon Hoe Soon said the interim dividend was a bonus to its shareholders and “it was heartening for us to complete the HLBB offer and acquisition on a high note by delivering improved value to all shareholders”.

As for the balance cash proceeds of RM1.79 billion from the disposal to HLBB, Gooi said this will be distributed back to entitled shareholders via a non-taxable capital repayment which is now pending a High Court confirmation on July 18.

He said the capital repayment was approved by shareholders at last year’s extraordinary general meeting and is expected to be completed by the end of this year.

Gooi said with the completion of the takeover, the EONCap board wants to return the proceeds to shareholders in an expedient manner.

He said Primus (M) Sdn Bhd’s objection to the takeover could not prevent EONCap from proceeding with the payment of dividend because Primus’ appeal had no interim order for a stay.

On April 28 2011, the petition by Primus opposing the takeover of EONCap’s assets and liabilities was dismissed by the High Court with costs.

Primus yesterday lost its appeal to set aside that court decision. It also failed in its appeal to reverse a High Court ruling that validated a shareholders’ meeting held on September 27.

The Court of Appeal ordered Primus to pay costs to the respondents involved in the court case, to the tune of RM1.05 million in total.

Gooi said due to the merger, the next few months will see system integration and transformation of EON Bank branches nationwide. It will also see the assimilation of over 5,800 EONCap staff into HLBB.

Meanwhile, EONCap announced that a major shareholder, Rin Kei Mei, will no longer be a director after he did not seek re-election at the AGM.

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Berjaya Sports Toto Bhd (BToto) registered a net profit of RM104.19mil for the fourth quarter of its financial year (FY) ended April 30, 2011, up 28.8% from the RM80.89mil it made in the corresponding period last year.

Its pre-tax profit for the quarter in review rose 26.2% year-on-year (y-o-y) to RM148.1mil, which the company attributed mainly to lower prize payout.

In a statement, the number forecast operator said it achieved revenue growth of 5% year-on-year (y-o-y) to RM901.3mil during the quarter in review due mainly to strong sales from a record Jackpot of the Supreme Toto 6/58 lotto game as well as higher number of draws.

For FY2011, BToto’s net profit and revenue stood at RM348.1mil and RM3.43bil, respectively, compared with RM383.5mil and RM3.39bil for the preceding year.

In a filing to Bursa Malaysia, BToto said it would be distributing a fourth single-tier exempt dividend of three sen per share, hence bringing the total dividend distribution for FY2011 to 21 sen per share. The entitlement date for the final dividend has been fixed on July 12.

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• News in brief @ 13 December 2011