Bintulu port to compete with PSA for IPO dollars

Bintulu Port Holdings IPO plans could divert attention from rival PSA.

Toni Clarke

December 06, 2000

Bintulu Port Holdings, which operates the Bintulu port in eastern Malaysia, plans to list its shares for the first time on the Kuala Lumpur Stock Exchange, a move analysts say may be as much about distracting attention from the planned listing of Singapore's PSA Corp. as about raising money for itself.

State-owned Bintulu plans to sell 100 million new shares at RM$2.00, while Minister of Finance Inc., the government holding company that owns Bintulu, plans to sell 136 million existing shares at the same price. If they succeed, the port could raise at least RM$472 million ($124 million). The company plans to offer 60% of the new shares to foreign investors, making it the first Malaysian company to do so since the 1997 currency crisis.

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