NONE of the proceeds to be be raised from the Westports Holdings Bhd's share sale will go into the company's coffers, the draft prospectus showed.
The draft on the proposed share sale was posted on the Securities Commission's website for public feedback.
Expectations in the marketplace is that the initial public offering (IPO) will raise about RM1.5 billion.
The IPO exercise involves a total of 3.41 billion shares, of which up to 813.19 million shares will be offered to institutions and 102.30 million shares to eligible employees, directors and the public.
Information obtained from the IPO showed that any proceeds raised from the flotation exercise will go directly to the shareholders of Westports.
"The board is of the view that the group does not require additional funding for business," the port operator said.
Westports shareholders are Tan Sri G. Gnanalingam, Khazanah Nasional Bhd and Hong Kong's Hutchinson Whampao Ltd.
Westports manages Port Klang, Malaysia's main export gateway, which is the world's 13th busiest port.
It is one of the main ports along the Straits of Malacca and carries 40 per cent of the world's trade.
The company is moving a step closer to an IPO, even as the authorties in charge of Port Klang are looking at the possibility of building a third container terminal port.
Early this week, Deputy Transport Minister Abdul Aziz Kaprawi said Port Klang may have a third port in the next five to six years to help it meet growing demands.
Expectations are that within the next six years, both Port Klang and Westports might be heading towards maximum capacity in tandem with the rapid rise in cargo going through the port.
Read more: 'IPO proceeds won't go into Westports coffers'
http://www.btimes.com.my/Current_News/BTIM...l#ixzz2YEQC74kfQUOTE(FirezZ @ Jul 5 2013, 11:26 PM)
can i see / apply this ipo once it released at Maybank eshare ?
Or what else channel i need to apply hmmm.. gotta see the price too:p
thanks
Yes u can, just wait on the confirmation on due course...it just the initial draft
The IPO proceeds must be use for somethingla rite...if it goes to their coffers, then something must not be right obviously