This article first appeared in The Edge Financial Daily on May 4, 2017 - May 10, 2017

KUALA LUMPUR: Westports Holdings Bhd has confirmed it is interested in participating in a joint bid for a contract to build Colombo Port’s East Container Terminal in Sri Lanka.

In a bourse filing yesterday, Westports said the company had “submitted an expression of interest to participate in the consortium bidding for Colombo Port’s new terminal as reported”.

It added that the “consortium bidding is an ongoing process”, and that it would make further announcements in accordance with its listing requirements, as and when there are material developments on the matter.

It was responding to news reports that Westports was working in a consortium of six companies led by Sri Lanka’s Hayleys PLC to jointly bid for the job, with the winner of the tender that was called last year expected to be announced by end-May.

Apart from Westports and Hayleys, the other consortium members were reported to be Mitsui Corp, Mitsubishi Logistics, NYK, and Tata Realty and Infrastructure Ltd.

Other consortiums bidding for the project include one comprising APM Terminals BV, Sri Lanka’s John Keells Holdings, Maersk Line and Container Corp of India, as well as the consortium of Port of Singapore Authority, Pacific International Lines, India’s Shapporji Pallonji and Sri Lanka’s Aitken Spence Group.

The project is estimated to cost between US$550 million (RM2.37 billion) and US$600 million.

Shares in Westports slid 11 sen or 2.78% to settle at RM3.84 yesterday, with a market capitalisation of RM13.09 billion.