Port operator Westports Holdings Berhad’s (WHB) wholly-owned subsidiary and multi-cargo port, Westports Malaysia (WMSB), has entered into a sale and purchase deal with the Selangor State Development Corporation to buy 381 acres of leasehold land under the sea at the Pulau Indah island — on which the facility is located — in Port Klang in Malaysia.
The Malaysian operator Westports reports that its profits for the last quarter of 2013 were up by 19% on the previous year owing to increased container volume.
Port operator, Westports Malaysia, is expected to list on the local stock exchange in October 2013 in a deal that could raise up to US$500m, according to media reports. The operator manages Malaysia’s main export gateway of Port Klang – one of the main ports along the Malacca Straits linking Asia with the Middle East and Europe.
Westport Malaysia has denied reports that it intends to undertake an IPO this year, although chief executive Ruben Emir Gnanalingam confirms that a future listing has not been ruled out.
DP World is to restructure the way it makes investment in its Indian container terminals.
Port Klang owner, Westports Malaysia is said to be looking to capitalise on investor interest in ports with an initial public offering.
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