Australia's Walker (ASX:WKC) and Malaysian tycoon Syed Mokhtar Al-Bukhary are eyeing up to 500 million ringgit via an initial public offering of their joint venture WM Senibong in Malaysia, Bloomberg News reported Thursday, citing sources.

The JV, WM Senibong, has engaged advisers have been engaged to study a potential Kuala Lumpur listing, with the developers said to be seeking a valuation above 2 billion ringgit, although plans remain under review.

Deliberations are ongoing and details such as deal size and timing could still change, the sources told the news outlet.

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