PSA Corp mandate awarded to Morgan Stanley, DBS

Temasek has picked Morgan Stanley Dean Witter and DBS to lead manage its PSA Corp IPO, according to market sources. The sale is expected to raise up to $4 billion later this year.

Morgan Stanley Dean Witter (MSDW) and DBS have been selected as lead managers for the initial public offering of PSA Corporation, the holding company of Port of Singapore Authority, which is expected to take place later this year, say market sources. Temasek, an investment arm of the Singapore government, is expected to raise as much as $4 billion via the sale.

In late 1999, MSDW was appointed by PSA Corp to advise the latter on how to better manage its balance sheet. PSA has subsequently said it plans to issue S$3billion ($1.74 billion) in bonds. The issue, which is being handled by MSDW and JP Morgan, is expected to be completed by the end of next month.

A spokeswoman for Temasek denied any banks have yet been appointed to lead manage the PSA Corp deal.