Malaysia's securities regulator rejected a $317 million initial public offering of Matrix Capacity Petroleum, IFR reported on Friday, citing a source familiar with the deal.

The deal would be the biggest in the country for a special purpose acquisition company (SPAC), also known as blank check IPOs because companies raise money through the stock market without a single asset on their books.

Matrix Capacity planned to launch the IPO in the second half of 2014 and use the funds to buy oil and gas assets, added IFR, a Thomson Reuters publication. Malaysia's Securities Commission didn't immediately return a request for comment on the decision, IFR said.

The 1 billion ringgit ($317 million) would surpass the previous record set by Reach Energy Bhd, which raised 750 million ringgit and started trading on Friday.

RHB Investment Bank was hired as an adviser for the IPO.

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