Westports makes Main Market debut with 20 sen premium


OFFICIAL DEBUT: Gnanalingam poits at Westports’ stick price chart during the listing ceremony on Bursa Malaysia yesterday. — Bernama photo

KUALA LUMPUR: Westports Holdings Bhd (Westports) made its debut on the main market of the Bursa Malaysia yesterday with a 20 sen premium to RM2.70 from the initial RM2.50 offer price.

At the opening bell, the listing, by far the largest this year to date in terms of market capitalisation, saw 16.04 million shares transacted.

The shares closed at RM2.650 yeaterday, with 202.6 million shares exchanging bonds.

Westports chief executive officer Ruben Emir Gnanalingam said the company was now focused on finishing the 600-metre Container Terminal 7 (CT7) expansion project. It is expected to be completed by next year.

“Following the completion, we will see how demand grows,” he told reporters after the listing of the company here yesterday.

Westports, with a market capitalisation of RM8.53 billion upon listing, is also targeting a five to six per cent growth in its 20-foot equivalent units (TEUs) volume for this year and in 2014.

Wesport’s initial public offering (IPO) comprised 813.19 million ordinary shares or 23.8 per cent of the company’s existing share capital, and an over-allotment option of up to 81.32 million ordinary shares, representing 10 per sent of the base deal size.

Total demand for the institutional offering, excluding that to cornerstone and Bumiputera investors approved by the Ministry of International Trade and Industry, was approximately 40 times the number of shares available.

A total of 102.3 million shares were offered under the retail offering, of which the public portion of 68.2 million shares was oversubscribed by 5.3 times. — Bernama