Lankayan Ventures sells stake in Westports Holdings

Lankayan Ventures sells stake in Westports Holdings

Kuala Lumpur: Lankayan Ventures has sold its stake in Malaysia-listed container terminal operator Westports Holdings.

The subsidiary of Khazanah Nasional offloaded its stake in Westports on October 24, when some 161.5m shares were offered in the sale. Shares were priced at between RM 2.90 and RM 2.92 per share, which represents a 2.7% to 3.3% discount to yesterday’s closing price of RM 3.00.

Khazanah has owned 4.7% of Westports since its IPO in October 2013. Westports raised $624m in the IPO, which at that time was Malaysia’s largest flotation.

Westports Holdings handles containers and conventional cargo out of Port Klang, Malaysia. Westports’ container market share at Port Klang has grown from 73% in 2013 to 78% this year.

The operator expects container throughput of 8m TEU this year, up from 7.5m TEU last year. [31/10/14]