IPO ... WestPorts Malaysia

An operator of Malaysia ’s busiest port is looking to raise as much as US$500 million (RM1.5 billion) in an initial public offering (IPO) in the second quarter of 2013.

The funds raised from the IPO will help Westports expand Port Klang, which has reported double-digit growth in container handling over the last five years prior to 2012.

Westports’ major shareholders are Hutchison Port Holdings and Khazanah Nasional Bhd.

Headed by Tan Sri G. Gnanalingam, Malaysia 's 24th-richest man according to Forbes, Westports helped move Port Klang a notch higher to the 13th spot in the world port traffic league last year, according to the Westports website.

The port has been recording 20 per cent growth in TEU (twenty-foot equivalent container units) over the last five year prior to 2012.