Business News

Westport: IPO at application stage

Monday, 1 July 2013

KUALA LUMPUR: Westports Malaysia Sdn Bhd, the operator of the country's busiest port, remains intact for a public listing by the end of this year, with the company currently in the application process.

Executive Chairman Tan Sri G. Gnanalingam said Westports has appointed several bankers for its proposed initial public offering (IPO).

Gnanalingam however declined to divulge further details of the proposed listing, citing on-going discussions.

It was previously reported that Westports might opt to list on Bursa Malaysia in October this year, in a deal that may raise up to RM1.54bil.

Westports manages Malaysia's main export gateway of Port Klang, which is the world's 12th busiest port.

It is one of the main ports along the Straits of Malacca, which links Asia with the Middle East and Europe and carries 40 per cent of global trade. - Bernama

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