PETALING JAYA: AIA Bhd, HSBC Global Asset Management and Zurich Life Insurance Malaysia are among the eight cornerstone investors for Swift Haulage Bhd’s upcoming initial public offering (IPO) on the Main Market of Bursa Malaysia.

       The other cornerstone investors are AmFunds Management Bhd, Nikko Asset Management Asia Ltd, Areca Capital Sdn Bhd, Kenanga Investors Bhd and UOB Asset Management.

       Logistics player Swift Haulage is backed by the Retirement Fund Inc (KWAP).

       It has a 13.61% stake in the group.

       A source close to the IPO deal told StarBiz that the eight cornerstone investors took up more than 50% of the institutional offering shares that do not require approval by the International Trade and Industry Ministry (Miti).

       “The oversubscription for non-Miti institutional offering was about 3.5 times.

       “The listing on Bursa Malaysia should happen before Christmas next month,” he said.

       Swift Haulage’s IPO comprises a public issue of 157,142,900 new shares and an offer for sale of up to 157,000,000 existing shares.

       Breaking down by the type of investors, the IPO comprises institutional offering of up to 275.21 million shares and a retail offering of 38.93 million shares.

       Of the institutional offering, up to 157 million shares will be offered to non-Miti approved institutional and selected investors.

       The remaining shares will be offered to institutional and selected investors, including bumiputra investors approved by Miti.

       Yesterday, Swift Haulage signed its IPO underwriting agreement with MIDF Amanah Investment Bank Bhd, AmInvestment Bank Bhd, Kenanga Investment Bank Bhd and UOB Kay Hian Securities (M) Sdn Bhd.

       Swift Haulage group chief executive officer Loo Yong Hui said in a statement that the additional resources from the IPO will further cement the group’s position as a major total logistics solutions service provider in Malaysia.