Khazanah Rallies for Westports Holdings Bhd IPO
Westports Holdings Bhd could be the biggest initial public offering in Malaysia this year – targeting US$ 700 million. The deal was initiated years ago by Malaysian sovereign wealth fund, Khazanah Nasional, which aims to move state-linked companies toward stock market capitalization. The sovereign wealth fund owns a 7.52% stake through Lankayan Ventures Sdn Berhad, a holding subsidiary. The Malaysian port operator is in charge of one of Asia’s busiest shipping terminals at Port Klang.
Westports Holdings is not issuing new shares under the initial public offering and will not receive any proceeds from it. The IPO presents a liquidity opportunity for current owners and a boost to Malaysian equity markets. In 2012, palm oil grower Felda Global Ventures Holdings Berhad had a US$ 3.2 billion offering. Westports Holdings Bhd is 31.5% owned by South Port Investment Holdings Ltd which is owned by Hutchison Port Holdings, a vehicle controlled by Hong Kong billionaire Li Ka-shing.
Roadshows will be conducted in Hong Kong, Singapore and London.
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