According to wire reports, these funds will take up 90% of an institutional tranche, Reuters quoted sources as saying major pension fund Employee Provident Fund (EPF), civil servants’ pension fund, a pilgrim fund and a state-owned fund management firm Permodalan Nasional were among the eight cornerstone investors involved in the IPO due in October.
Two other domestic and foreign funds, Bermuda-based Utilico Investments, Hwang Investment Management and Genesis Investment Management, made up the rest of the cornerstone investors for the IPO, which is the second largest in Malaysia so far this year after a planned $725m listing by UMW Oil & Gas Bhd.
The Westports IPO comprises 813m shares, with 710m reserved for institutional investors and the remainder for retail investors. The cornerstone investors account for close to 45% of the total institutional tranche with the rest allocated to business entities or individuals under Malaysia's bumiputra policy.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
