Malaysian port operator Westports’ RM5 billion ($1.16 billion) sukuk wakalah programme was the first in the nation’s marine and port sector to offer both sustainability and sustainability-linked notes.
Introduced in 2024, the programme supports the holding’s third supplemental privatisation agreement with Malaysian authorities and underwrites “Westports 2.0”, a capacity-doubling expansion. Management plans are in place to deploy the entire RM5 billion between 2024 and 2028 to fund related capital expenditure.
Investor appetite for the debut tranche underscored confidence in the credit.
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