The rejection of an IPO application that would have been Malaysia’s biggest cash-shell listing has underscored regulators’ concerns over the increasingly popular format.
Malaysia’s Securities Commission rejected the M$1bn (US$317m) IPO application of Matrix Capacity Petroleum, a special purpose acquisition company set up to buy energy assets, because of the management’s lack of experience in the oil exploration and production business, according to an ECM banker.
Wata - Malaysian Oil and Gas Engineer 