KUALA LUMPUR: Westports Sdn Bhd, which is calling for tenders for its CT6 berth-expansion project, says the winner will be announced by year-end.

Director Ruben Emir Gnanalingam said the port's berth and yard expansion plan was part of its initiative to meet the increasing traffic and volume at the port.

“We expect CT6, when completed, to increase the port's annual capacity by one million to 1.5 million twenty-foot equivalent units (TEUs),” he told reporters after a signing ceremony to appoint OSK Investment Bank Bhd as adviser and lead arranger for the issuance of up to RM800mil Sukuk Musyarakah medium-term notes for Westports.

According to the port operator, it handled 4.3 million TEUs last year, a 18% increase from 2006.

Ruben Emir Gnanalingam (right) exchanging documents with Ong Leong Huat. With them (from left) are Westports executive chairman Tan Sri G.Gnanalingam and OSK Holdings chairman Datuk Nik Mohamed Din Nik Yusoff.

Currently, Westports' nine berths, with a total wharf length of 2,600m, have an annual capacity of six million TEUs.

This capacity will be increased to eight million TEUs when CT5 is completed next year.

Last year, the group invested RM800mil in the CT5 project, which is divided into two phases.

Gnanalingam said the first phase of the 600m berth, costing RM460mil, was expected to be completed by May, and the second by September.
“We hope to achieve a turnover of RM950mil this year and surpass the RM1bil mark next year,” he said.

Meanwhile, OSK Holdings Bhd, the holding company of OSK Investment, said it was in the process of “recruiting more professionals” following Bank Negara approval for the opening of an Islamic banking division.

Group managing director and chief executive officer Ong Leong Huat said the banking group would be introducing more Islamic products in support of the government's effort to position Malaysia as an Islamic financial hub.

The Star, 22.02.2008