KKR-backed Malaysian telecoms infrastructure group OMS to review IPO plan Reuters

By Yantoultra Ngui

SINGAPORE – Malaysian telecommunications infrastructure and submarine cable services company OMS Group will review its plan for an initial public offering in the next few years and does not rule out listing on the national stock exchange, its chief executive said.

OMS abandoned its Malaysian IPO plan last year as KKR invested $400 million in the company as part of the global digital infrastructure investment firm’s expansion into Southeast Asia.

“An IPO is definitely something to consider in the future,” WHO Group Deputy Director Richard Sun told Reuters at last week’s Submarine Networks World 2024 industry conference in Singapore.

“As for the registration venue, it is still early days. When the time comes, we will explore the most suitable options, including Malaysia,” he said, without giving details.

In June, WHO announced that it had secured loans worth $292.5 million from a group of financial institutions, including HSBC, E-Sun Commercial Bank and SinoPac, facilitated by KKR.

OMS Group will use the capital to expand, including adding newbuild vessels by 2029 to its current fleet size of five, Sun said.

It is also developing its Interconnection Managed Services (IMS) or cable landing stations and submarine cable routes launched five years ago and expects the business to contribute significantly to its revenue over the next five years, he added .

The company currently has cable landing stations and submarine cable route commercial operations in Malaysia, Singapore, Indonesia and Thailand, according to Sun.

“We are looking at Vietnam and the Philippines,” Sun added. “Essentially, what we are becoming is a one-stop solution for the connectivity requirements of the Southeast Asian region.”