Post-IPO, Persada Bina's stake is expected to shrink to 38.12% or 339.21 million shares, assuming the overallotment option is not exercised. Persada Bina is the largest shareholder of the company with a 61.99% stake or 454.21 million shares pre-IPO. The remaining 21.14 million shares will be made available to eligible persons. The retail offering will comprise 38.93 million new shares, representing 4.37% of the enlarged share capital, including 17.8 million shares to be made available to the Malaysian public via balloting, of which at least 8.9 million shares will be set aside for bumiputera investors. The remainder of the institutional offering comprising 118.21 million new shares will be offered to institutional and selected investors, including bumiputera investors approved by the Ministry of International Trade and Industry. Up to 275.21 million shares will be involved in the institutional offering, representing 30.93% of the enlarged share capital, with 157 million existing shares being offered to institutional and selected investors. The company said its IPO involves the sale of 314.14 million shares, comprising 157.14 million new shares and 157 million existing shares. Swift, which is en route for to be listed on Bursa Malaysia's Main Market, has targeted to launch its IPO prospectus on Nov 30. The integrated logistics services provider, the source added, is expected to price the IPO at between RM1 and RM1.10 per share, raising some RM160 million and valuing the company at about RM900 million. Other funds that have signed on for the IPO are Amfunds Management Bhd, AmIslamic Funds Management Sdn Bhd, Areca Capital Sdn Bhd, Kenanga Investors Bhd, Nikko Asset Management Asia Ltd, UOB Asset Malaysia Bhd and Zurich Life Insurance Bhd, the source said. KUALA LUMPUR (Nov 15): Kumpulan Wang Persaraan (Diperbadankan) (KWAP) investee Swift Haulage Bhd has secured nine cornerstone investors for its upcoming initial public offering (IPO), including AIA Bhd and HSBC Global Asset Management, a source familiar with the deal said.
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