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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, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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