UOA Development Bhd., a Malaysian
developer, sold shares at 2.60 ringgit each in the Southeast
Asian nation’s biggest initial public offering so far this year,
two people familiar with the matter said today.

The unit of Sydney- and Singapore-listed United Overseas
Australia Ltd. (UOS) raised 1.05 billion ringgit ($347 million) in the
share-sale, said one of the people, who declined to be
identified as the information hasn’t been made public. It sold
377 million shares to institutions priced at the lower end of
the projected range of 2.55 ringgit to 3 ringgit apiece, they
said. Another 70 million shares would be sold to individual
investors at 2.52 ringgit each, one of the people said.

Malaysian companies led by Petronas Chemicals Group Bhd. (PCHEM)
raised a record 19.7 billion ringgit from initial share sales
last year. Upcoming IPOs include an offer by the sugar refining
unit of Felda Global Ventures Holdings Sdn., which may raise as
much as 900 million ringgit, according to Maybank Investment Bhd.

Kuala Lumpur-based UOA Development, which builds homes and
offices that cater to medium- to high-income buyers, plans to
use the proceeds to fund projects, Director Alan Charles Winduss
said on April 28. They include the Bangsar South township
development in the Malaysian capital, which has a potential
sales value of more than 8 billion ringgit, he said.

The company aims to complete properties which could
generate sales valued at 2.1 billion ringgit over the next three
years, according to a draft of the prospectus registered with
Malaysia’s Securities Commission.

To contact the reporter on this story:
Chong Pooi Koon in Kuala Lumpur at
pchong17@bloomberg.net

To contact the editor responsible for this story:
Barry Porter in Kuala Lumpur at
bporter10@bloomberg.net