KUALA LUMPUR, May 30 (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 $500 million, two sources close to the deal told Reuters.
The initial public offering (IPO) comes after the Southeast 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.
Westports officials were not immediately available to comment.
Westports manages Malaysia’s main export gateway of Port Klang, which is the world’s 13th busiest port. It is one of the main ports along the Malacca Straits, which links Asia with the Middle East and Europe and carries 40 percent of the world’s trade.