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Operator of Malaysia's busiest port to list in October: Sources

Published on May 30, 2013 5:56 PM
 
Set up in 1994 as a privately owned port, Westports Malaysia now commands a 67 per cent market share of Port Klang. Westports Malaysia Sdn Bhd, operator of the country's busiest port, will list on the local stock exchange in October in a deal that may raise up to US$500 million (S$629.5 million), two sources close to the deal told Reuters. -- FILE PHOTO: WESTPORTS MALAYSIA

KUALA LUMPUR (REUTERS) - Westports Malaysia Sdn Bhd, operator of the country's busiest port, will list on the local stock exchange in October in a deal that may raise up to US$500 million (S$629.5 million), two sources close to the deal told Reuters.

The initial public offering (IPO) comes after the South-east Asian country's general elections concluded with a win for the long-ruling National Front on May 5, encouraging companies to move forward with their listing plans.

"That's the timing they are looking at," one of the sources said, declining to be named as the matter was private.

Westports, which counts Hutchison Port Holdings and Malaysia's state investor Khazanah Nasional Bhd as shareholders, is expected to obtain regulatory approval for the listing in two months time and pre-marketing for the IPO is expected to fall in September, the sources added.

 
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