Westports won't seek listing this year, says CEO
Westports Malaysia has dismissed reports that it is going for a listing this year, reported Business Times Malaysia. Chief executive officer Ruben Emir Gnanalingam said the port operator is still considering the listing plan.
"We are still discussing the details of the initial public offering (IPO). We may get listed but we are not sure when," he told reporters at the celebration of Westports' handling of its 50 millionth container.
Ruben also said that Westports is raising US$149 million under its second tranche sukuk this year. "It will be used for our capital expenditure and the repayment of the previous sukuk that we have raised which totalled at $82.78 million," he said.
He said Westports expects to achieve another seven to eight percent growth by targeting to record 7.4 million TEUs this year.
Last year, the port operator recorded a volume of 6.9 million TEUs, an eight percent increase over the previous year.
Overall, Port Klang reported a positive growth rate of 4.1 percent for container handling with a total of 10 million TEUs.
Westports is continuing its expansion plans with the completion of the remaining 300m quay length of Container Terminal 6 and concurrently commencing its construction of Container Terminal 7 comprising an additional 600m.
"The port has on order additional four quay cranes, two of which it had taken delivery in the first week of January and another two in February 2013," Ruben said.
Container Terminal 7 is due to be completed by early 2014 with additional seven quay cranes, E-RTGs, trucks and consequent yard space.
Meanwhile, Kong said Westports has raised the benchmark, in terms of vessel productivity, and is now among the world's top five.
"The government will always strive to provide the most conducive environment to promote Port Klang as our National Load Centre, which we hope will continue to attract more transhipment businesses to ports," he said.