Westport a critical national asset, cannot remain a family heirloom with mysterious shareholders guided by astrology - Shareholding structure needs to be broadened, institutionalised, management reviewed

 by Ganesh Sahathevan 

Westports Holdings Bhd is  a critical national asset. However, in keeping with that peculairly Malaysian habit where listed companies no matter how large are controlled by a single shareholder, the bulk of its shares are held by the estate  of the late G.Gnanalijgam (see above). However , as reported, the identity of its shareholders remains a mystery. 

Meanwhile  Westport's ability to raise capital is constrained by the desire to keep control of the company and it's management in family hands.  Clearly the company's shareholding structure needs to be  broadened, and institutionalised.  It will then be for the new shareholders to review its  management and make the necessary changes. 

The late G. Gnanalingam's marketing skills included a talent for selling astrological forecasts. That skill served him well, but Westport's management cannot be led by the stars even if it in the business of  providing a harbour for ocean going ships.

TO BE READ WITH 

Wednesday, July 12, 2023

Westport was privatised in the mid 90s to Azran Abdul Rahman, and Mohd Nazari Abdul Rahman, not the late G.Gnanalingam and heirs- Passing away of Westport Gnanalingam a good time for Prime Minister Anwar Ibrahim resolve the mystery of Westport's ownership

 by Ganesh Sahathevan 

Westport Gnanalingam's death leaves Anwar Ibrahim with few if any excuses to not immediately claw back proceeds from the Tune Pro IPO

Who Owns Westport? 

Probably not the Gnanaligam family ,as this report from Halal Journal, since removed , implies :
THERE are not many who have a business to inherit, and even if they do, the business would seldom be out of the ordinary.

For Ruben Emir Gnanalingam, he has been handed a port to run, taking over from his father Tan Sri G. Gnanalingam, a majority stakeholder in Westports Malaysia Sdn Bhd, the operator of Westports in Port Klang.

The elder Gnanalingam's increasingly less frequent visits to the port is an early indication of his son's ascent to the captain's seat. Ruben, in recent times has also become more exposed to the media.

Or even as stated here on the Westport website,but no longer: 

HIS father may own Westports but this did not mean that Ruben Emir Gnanalingam could start his career there at the top. ....This time around I was better prepared to fully immerse myself in the family's business," he said. His father, Westports executive chairman Tan Sri G. Gnanalingam was the main reason for his return.   

 

 

FOR, one recalls from the newspaper of record the New Straits Times, from that famous list published in 1998: 

FOLLOWING is the list of privatised projects, the companies they are awarded to, and the names of principal shareholders in parenthesis, as released at the Umno general assembly yesterday:

104. Privatisation of the West Port, Klang (Westport Holdings Sdn Bhd - Azran Abdul Rahman, Mohd Nazari Abdul Rahman).

(Source:Recipients of privatised projects.
21 June 1998,New Sunday Times (c) 1998 New Straits Times Press (Malaysia) Berhad)

It is time for the mystery to be resolved,by Prime Minister Anwar Ibrahim, who was the Finance Minister who oversaw the Westport privatisation.

END