Westports buys Pulau Indah land for RM116.19m for container terminal expansion

PETALING JAYA: Westports Holdings Bhd is acquiring a piece of leasehold under sea land measuring 381 acres on Pulau Indah from Perbadanan Kemajuan Negeri Selangor (PKNS) for RM116.19 million, which will be used to expand its container terminal.
The port operator told the stock exchange that its wholly owned subsidiary Westports Malaysia Sdn Bhd had on April 30 accepted the letter of offer from PKNS on its successful bid for the land.
The acquisition sum will be paid in five tranches between May 2018 and January 2019 via a combination of internally generated funds and bank borrowings.
"The rationale for the proposed acquisition is for terminal expansion as the current preliminary port design for Container Terminal 10 to Container Terminal 19 requires additional land acreage to accommodate new wharf and container yard space in order to facilitate the effective operations of the new container terminals," Westports said.
The stock fell 1.76% to RM3.34 with some 1.46 million shares done.