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Khazanah Rallies for Westports Holdings Bhd IPO

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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.

IPO Details
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.

SWFI First Read, June 21, 2018

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PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for it’s a A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Large Public Asset Owners Commit to Goodman Brazil Logistics Partnership

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Canada Pension Plan Investment Board (CPPIB) unveiled plans to commit 500 million BRL (C$ 175 million) in equity for a 20% interest in the newly established Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Supports Two European Aquaculture Transactions

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Mubadala Investment Company is keen on growing exposure to agribusinesses whether in farming or aquaculture. With money from Mubadala and AMERRA Capital Management LLC, Andromeda Group acquired Nireus SA (at 74.34% stake) and Selonda SA at (79.62% stake), two European aquaculture companies that focus on sea bream and sea bass. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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