KUALA LUMPUR (Oct 31): China General Nuclear Power Corp, which bought embattled state fund 1Malaysia Development Bhd’s power assets for US$2.3 billion this year, is considering listing the business as early as 2017, people with knowledge of the matter said.

The state-owned company could raise as much as US$400 million from a Malaysian initial public offering of Edra Global Energy Bhd, said the people, who asked not be identified as the details are private.

Edra Global, based in Kuala Lumpur, is the second biggest independent power producer in Malaysia, trailing only Malakoff Corp. It has 13 electricity projects with a total installed capacity of 6,620 megawatts across Malaysia, Egypt, Bangladesh, the United Arab Emirates and Pakistan, according to CGN’s website. A representative for CGN didn’t immediately respond to an e-mail seeking comment.

An Edra Global offering could help provide a boost to the Malaysian equity market after first-time share sales raised just US$270 million this year, the lowest level for any comparable period since 2009, data compiled by Bloomberg show. The Southeast Asian nation forecasts its economy will expand as much as 5% in 2017, compared with 4% to 4.5% this year.

Malaysian developer Eco World International Bhd said last week that it plans to seek more than 2 billion ringgit (US$476 million) in a domestic IPO. QSR Brands Bhd, which operates KFC and Pizza Hut restaurants in Southeast Asia, is seeking bank pitches for a first-time share sale that could raise about US$400 million, people with knowledge of the matter said last month.

Plans for the listing of Edra Global are preliminary and details could change, the people said.

CGN agreed last year to pay 9.83 billion ringgit to buy Edra Global from 1MDB, the Malaysian investment fund that is at the centre of several international investigations into alleged corruption and money laundering. The transaction was completed earlier this year.