Khazanah Nasional Bhd., Malaysia’s state investment company, plans to raise as much as $400 million in an initial public offering of its theme park business, said two people with knowledge of the matter.
Khazanah is working with Malayan Banking Bhd. (MAY) and Bank of America Corp. on the share sale of Themed Attractions and Resorts Bhd., the people said, asking not to be named as the process is private. The Kuala Lumpur IPO may raise $300 million to $400 million as early as this year, they said.
Themed Attractions and Resorts, led by managing director Ahmad Burhanuddin, owns resorts including KidZania, Legoland Malaysia and Puteri Harbour Family Theme Park, which houses the first Sanrio Hello Kitty Town outside Japan.
Khazanah, wholly owned by the Malaysian government, plans to sell more domestic assets while expanding overseas, managing director Azman Mokhtar said in March.
Asuki Abas, a spokesman for Khazanah, declined to comment on the IPO plan.
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