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Westport's IPO at application stage

 Publish date: Mon, 1 Jul 12:41

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).

"It is still in the process. Bankers have been appointed and it is now in the application process," he told reporters on the sidelines of the Logistics Forum and Exhibition in Kuala Lumpur today.

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 RM1.54 billion.

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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