PETALING JAYA: Westports Holdings Bhd has received an approval-in-principle from the Malaysian government to expand its container terminal (CT) facilities in Port Klang from CT10 to CT19, which is an extension from the current CT1 to CT9 development.
Westports told Bursa Malaysia that the terms and conditions of the proposed expansion are subjected to further deliberations between its wholly owned subsidiary Westports Malaysia Sdn Bhd and the government.
With the approval-in-principle, the group will now commence and undertake the various studies required before finalising the terms and conditions with the government.
“Westports will provide quarterly updates on this proposed expansion to ensure fair disclosure to all our shareholders and stakeholders,” it said.
Its CEO Ruben Emir Gnanalingam said the proposed expansion could potentially increase the total handling capacity of Westports up to 30 million twenty-foot equivalent units (TEUs) per annum, and further strengthen Port Klang as the preeminent port for the nation’s gateway trade as well as a transhipment hub in the region.
Its shares fell three sen to close at RM3.61 on Friday with some 580,100 shares traded, giving it a market capitalisation of RM12.31 billion.
Source: The Sun Daily