Malaysia's Westports prices share sale at top end-sources

KUALA LUMPUR, Sept 30 Mon Sep 30, 2013 10:59am EDT

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KUALA LUMPUR, Sept 30 (Reuters) - Westports Holdings Bhd, the operator of Malaysia's busiest port, has raised about 2.03 billion ringgit ($628.77 million)in its IPO, pricing it at the top of expectations, two sources with direct knowledge of the deal said on Monday.

The IPO for Westports is likely to be the country's second largest this year behind UMW Oil & Gas Corporation Bhd, an offshore and drilling services firm, which is looking to raise $740 million.

Westports, which is partially owned by Hong Kong billionaire Li Ka-shing, priced the offering at 2.50 ringgit per share versus an indicative price range of 2.30-2.50 ringgit said the sources, who were not authorised to speak publicly on the matter.

All proceeds from the offering will go to existing shareholders and not to the company which has said it is listing to raise awareness of its brand.

The company leaned heavily on cornerstone investors, ranging from Utilico Emerging Markets to Genesis Investment Management, who accounted for close to 48 percent of the total institutional tranche.

Westports, which counts state investor Khazanah Nasional Bhd and Li's Hutchison Port Holdings as shareholders, could not be reached for comment.

Credit Suisse, Goldman Sachs and Maybank were joint global co-ordinators. Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC and RHB are joint bookrunners.

The offering accounts for 23.8 percent of its total share base. ($1 = 3.2285 Malaysian ringgits) (Reporting By Yantoultra Ngui; Editing by Niluksi Koswanage and Edwina Gibbs)

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