KUALA LUMPUR (May 4): Westports Holdings Bhd said today it has engaged external consultants to conduct detailed studies on the proposed container terminal facilities development from Container Terminal 10 (CT10) to CT19 in Pulau Indah, Selangor.

"Upon completion of all the detailed studies, which would include the topography and bathymetric survey, soil investigation works and port master planning, Westports would then be able to provide a fair indicative development cost for CT10 to CT19 container terminal expansion," it said in a filing with Bursa Malaysia today.

It was replying to a query by Bursa on its proposed acquisition of a 154.2ha piece of leasehold land in Pulau Indah from Perbadanan Kemajuan Negeri Selangor (PKNS) for RM116.19 million. The leasehold land has a tenure of 99 years with an expiry date on Aug 14, 2101.

"(We) have yet to determine the commencement or completion date of the proposed development. Before the development, a concession agreement governing the operation of CT10 to CT19 would also need to be executed by the government," said Westports.

It added that the group did not conduct a valuation on the land as it is being acquired from PKNS via an open tender process.

Westports also said it will assess the funding requirements upon completion of all the detailed studies. "The envisaged sources of funds to finance the development could involve a combination of internal funds, bank borrowings, sukuk and other sources of financing," it added.

On the estimated time frame to complete the proposed acquisition, Westports said it will be available upon execution of the sale and purchase agreement with PKNS.

Westports shares closed unchanged at RM3.23 today, with 528,100 shares traded, giving it a market capitalisation of RM11.08 billion.