WESTPORTS Malaysia Sdn Bhd is confident of securing additional container volume via its transhipment business to support its RM800mil port expansion plan.

Westports, one of two leading ports in Port Klang, recently announced its container terminal five (CT5) project that will add another 1.2 million TEUs (twenty-foot equivalent units) capacity to a total of 7.2 millions TEUs capacity by year-end.

The port is spending RM460mil for the first phase of CT5 by developing an additional 600m of quay length equipped with 10 quay cranes, 30 rubber-tyred gantries and container yards.

The construction of the first 300m of the 600m quay will be completed by next month and the remaining in September. Currently, Westports has nine berths with a 2,600m wharf.

To finance the project, Westports has appointed OSK Investment Bank Bhd as principal adviser and lead arranger for the issuance of up to RM800mil sukuk musyarakah medium-term notes.

The tenure of the sukuk is 15 years from the issuance date and it is expected to finance Westport's expansion projects up to container terminal nine.

The port is spending RM460mil for the first phase of CT5 by developing an additional 600m of quay length equipped with 10 quay cranes, 30 rubber-tyred gantries and container yards.

The construction of the first 300m of the 600m quay will be completed by next month and the remaining in September. Currently, Westports has nine berths with a 2,600m wharf.

To finance the project, Westports has appointed OSK Investment Bank Bhd as principal adviser and lead arranger for the issuance of up to RM800mil sukuk musyarakah medium-term notes.

The tenure of the sukuk is 15 years from the issuance date and it is expected to finance Westport's expansion projects up to container terminal nine.

The Star, 31.03.2008