Leong Hup, shareholders seek up to US$250m in IPO — terms

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SINGAPORE (April 25): Leong Hup and some existing shareholders offer up to 937.5 million shares at RM1.09 to RM1.10 each in an initial public offering in Malaysia, according to terms of the deal obtained by Bloomberg.

* The offering consists of 687.5 million existing shares and 250 million new shares

* 10 cornerstone investors have agreed to subscribe ~420 million shares, representing ~11.5% of enlarged share capital

** Investors include: AIA, Employees Provident Fund Board, Factorial Master Fund, Louis Dreyfus, Maybank Asset Management, Ovata Capital Management, RHB Asset Management and Malaysian businessman Chua Ma Yu

** GuoLine and Hong Leong Capital, both backed by billionaire Quek Leng Chan, are also among the cornerstone investors

* Co. is taking investor orders through May 3; expected to price May 6

* Trading is expected to start May 16

* Co. plans to use the proceeds for capital expenditure, working capital and payment of listing expenses

* Credit Suisse, Maybank and RHB are joint global coordinators

* NOTE: April 22, Leong Hup Is Said to Draw Dreyfus, Billionaire Quek to US$250 million IPO