Malaysian tycoon Vincent Tan mulls over MOL Global IPO

By VCPOST Staff Reporter

Nov 26, 2013 04:17 AM EST

Malaysian tycoon Vincent Tan is considering listing his online payments company MOL Global Pte, according to Bloomberg sources. MOL bought social networking site Friendster Inc. four years ago. In a report, Bloomberg said Tan is in preliminary talks with banks for a dual listing on Kuala Lumpur's stock exchange and either in Hong Kong or Singapore. 

Should the float eventually pushes through, MOL Global may raise USD300 million in the first half of next year, the report said. 

MOL Global handles over 60 million payments annually totaling to at least USD300 million, according to its website. In 2009, it bought Friendster to tap into its Asian subscriber base. It has since turned one of the world's oldest social networking site into an online gaming network. 

Bloomberg said the MOL Global public offering would be the latest listing by Tan. The Malaysian billionaire is currently seeking a listing of 7-Eleven store operator Seven Convenience Bhd. The Seven Convenience float could bring in MYR750 million (USD223 million). 

Vincent Tan is the tenth-richest person in Malaysia. He ranked 1107th in The World's Billionaires list with a net worth of USD1.3 billion, according to Forbes.  

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