Westports sets IPO shares to indigenous investors at 2.5 ringgit-sources
KUALA LUMPUR Aug 23 (Reuters) - Westports Malaysia Sdn Bhd, operator of the country's busiest port, has offered shares in its IPO to indigenous bumiputra investors at 2.50 ringgit per share, sources with direct knowledge of the matter said on Friday.
The initial public offering, expected by October, would be Malaysia's second largest this year after the planned 2.4 billion ringgit ($725 million) initial share sale by UMW Oil & Gas Bhd in the fourth quarter.
Based on a price of 2.50 ringgit, the total 813.19 million shares Westports plans to sell would be worth about 2.03 billion ringgit ($613 million), according to Reuters calculations.
About 392.15 million shares are reserved for bumiputra investors.
Bumiputra, or "sons of the soil," refers to the majority ethnic Malays and other indigenous people in Malaysia who benefit from a decades-old government policy that favours them in housing, education and business.
Final pricing of the IPO is expected some time at the end of September, one of the sources said.
Westports officials were not immediately available to comment.
The draft prospectus that the company filed previously to regulators did not give any details on the size of the listing or the time-frame of the IPO process.
Credit Suisse, Goldman Sachs and Maybank Investment are the three joint global coordinators. Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC and RHB Investment are the bookrunners.
($1 = 3.3095 Malaysian ringgit) (Reporting By Anuradha Subramanyan of IFR and Yantoultra Ngui; Editing by Chris Gallagher)
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