Westports sets IPO at RM2.50 per share

by **Cals** Thu 03 Oct 2013, 09:00

Published: Thursday October 3, 2013 MYT 12:00:00 AM
Updated: Thursday October 3, 2013 MYT 7:08:46 AM
Westports sets IPO at RM2.50 per share

KUALA LUMPUR: Westports Holdings Bhd, the second busiest port in South-East Asia, has announced the final price of its initial public offering (IPO) at RM2.50 a share.
The price is for the institutional, cornerstone and the International Trade and Industry Ministry (Miti) as well as retail tranches of the offering.
The market capitalisation of the leading terminal operator in Port Klang at RM2.50 per share will be RM8.53bil or US$2.42bil.
The IPO, expected to list on the Main Market of Bursa Malaysia Securities on Oct 18, is the largest public offering in Malaysia thus far this year.
“I am delighted with the strong response received from the investors in Malaysia and abroad, including the cornerstone investors,” chief executive officer Ruben Gnanalingam said in a statement to Bernama yesterday. The company is expected to raise about RM2.2bil from the listing exercise.
The cornerstone investors have agreed to purchase an aggregate of 340 million shares, representing about 10% of the company.
They are AIA Bhd, the Employees Provident Fund board, Genesis Investment Management, Hong Leong Assurance Bhd, Hwang Investment Management Bhd,Kumpulan Wang Amanah Persaraan (Diperbadankan), RHB Investment Management Sdn Bhd, Utilico Emerging Markets Ltd and Permodalan Nasional Bhd.
The IPO comprises 813.190 million ordinary shares, or 23.8% of Westports, of which 100% is secondary shares offered by the existing shareholders of the company and consists of an over-allotment option of 81.319 million ordinary shares, representing 10% of the base deal size.
Total demand for the institutional offering book (excluding the offering to cornerstone investors and bumiputra investors approved by Miti) was about 40 times the number of shares available in the book. – Bernama