Cleary, Clifford Chance on $740 Million UMW Oil IPO

, The Asian Lawyer

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Cleary Gottlieb Steen & Hamilton and Clifford Chance had the lead roles on UMW Oil & Gas Corp. Bhd.’s $740 million initial public offering, the largest so far in Malaysia this year.

The company, a division of state-owned conglomerate UMW Holdings Bhd., provides offshore drilling and onshore pipeline services to clients in Southeast Asia, China, and Turkmenistan. The IPO launched last month, and the stock began trading on the Bursa Malaysia exchange on Nov. 1.

UMW Oil’s debut topped Westport Holdings Bhd.’s $680 million offering, which also launched last month. UMW plans to use the proceeds to purchase new drilling rigs, as well as pay down debt held by the parent company.

Cleary Hong Kong partner Sung Kang was the lead partner advising UMW Oil & Gas, while Malaysian firm Albar and Partners acted as local counsel.

Clifford Chance acted for underwriters Maybank Investment Bank Bhd., CIMB Investment Bank Bhd., Credit Suisse, Goldman Sachs, and Standard Chartered Bank. The firm’s team was led by Hong Kong partner Raymond Tong and partner Johannes Juette in Singapore.

Zul Rafique and Partners advised the banks on Malaysian law.

Email: tbrennan@alm.com.

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