Malaysian billionaire explores IPO of Friendster owner MOL

KUALA LUMPUR - Malaysian billionaire Vincent Tan is exploring a $300 million (S$375 million) initial public offering of Internet payment company MOL Global Pte Ltd for as early as next year, two people with knowledge of the matter told Reuters.

IT companies such as MOL stand to benefit from the government's effort to drive e-payment as a way to improve efficiency, especially in preparation for a new consumption tax which comes into effect in April 2015.

Tan is talking to banks to list MOL, which bought social networking site Friendster Inc in 2009 for US$26.4 million, the people said.

"The process is still in its early stages," said one of the people, who declined to be named as the matter is private. "They are looking at Kuala Lumpur but nothing has been finalised yet."

Representatives of neither Tan nor MOL could be immediately reached for comment.

Malaysia's 10th richest person with a net worth of US$1.3 billion, according to Forbes, has already floated two companies this year in IPOs worth 100 million ringgit ($31.07 million).

He also plans to list 7-11 store operator Seven Convenience Bhd and British football club Cardiff City next year.