United Engineers Malaysia UEM is allegedly turning a blind eye to the best interests of its minority shareholders for the greater good of the Renong group once again. The company is planning to sell 25% to 35% of toll road operator Projek Lebuhraya Utara Selatan PLUS through an initial public offering IPO later this year for as much as M$4 billion $1.05 billion, which would be the most money ever raised in a Malaysian listing.
Of the proceeds, M$3 billion is earmarked to pay down UEM's share of a M$8.4 billion seven-year bond, which was issued last year. This share is equivalent to the M$2.4 billion plus interest costs...
