Executive Chairman G. Gnanalingam became a billionaire with the initial public offering of Westports Holdings, the Malaysian port operator which he heads. The 69 year-old businessman and his family held a 60% stake in Westports. They reduced their stake to 46.8% after the IPO. According to the Bloomberg Billionaires Index, their remaining share in the firm was valued at USD 1.2 billion. In addition, Gnanalingam would also expect to get USD 350 million from stock sales. Shares of Westports would begin trading on the Kuala Lumpur bourse on October 18.
Westports has facilities in one of Malaysia's bigglest ports, Port Klang. The port's strategic location in the Straits of Malacca makes it key shipping route between Asia and Europe and the Middle East. According to Westports' website, the company holds a 69% share in container volume at Port Klang. It currently has six terminals but has the potential to construct three more.
Gnanalingam did not comment on the share sale. The share price of the IPO for Westports is MYR 2.50 per piece, Bloomberg reported.
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