KUALA LUMPUR: Westports Holding Bhd is expecting up to a 10 per cent volume growth in the next two years, helped by better worldwide transshipment activities, said chief executive officer Ruben Emir Gnanalingam.
He said cargo movements in the Klang Valley will also boost its 20-foot equivalent units volume.
Westports, partly owned by Asia's richest man Li Ka-shing, operates facilities at Port Klang, one of the main hubs serving container traffic in the Straits of Malacca.
With six terminals, it has a 69 per cent market share of container volume at the port.
Ruben said after Westports' debut on Bursa Malaysia's Main Market that the 10 per cent volume growth will translate into revenue for the company.
The port operator, whose biggest shareholder is Tan Sri G. Gnanalingam, surged eight per cent, or 20 sen, at the opening bell against the offer price of RM2.50.
The initial public offering raised RM2.24 billion, Ruben said.
Westports closed 15 sen higher at RM2.65 with 202.614 million shares exchanging hands yesterday.
JF Apex Securities has set a RM2.97 target price, while Alliance Research estimates the fair value at the RM2.84 level.
Meanwhile, Ruben said the proposed 50km-long bridge from Malacca to Dumai in Indonesia would not affect the company's growth.
He said there is room for growth for all players as the pie is getting larger.
The Malacca government plans to build the bridge at an estimated cost of RM44.3 billion, making it easier for transportation of raw materials and opening of new markets in both countries.