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Thursday, 18 October 2012

Westports Malaysia hires banks for IPO

WESTPORTS Malaysia has hired three banks to coordinate what will be an up-to $500m IPO, industry sources said on Thursday.

Credit Suisse, Goldman Sachs and Maybank have all been mandated on the deal but are they expected to be joined by other banks in a book runner role later on, industry sources, said.

The IPO is expected to be launched in the first quarter of 2013.

Port operator, Westports Malaysia located on the Straits of Malacca is a fast-growing hub for local and transhipment containers.

It is thought that the funds raised from the IPO will help Westport’s Malaysia expand Port Klang, which has reported double-digit growth in container handling over the last five years.

Westports Malaysia’s shareholders include Malaysia's state investor, Khazanah Nasional Bhd and China’s Hutchison Port Holdings.

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