'We are reclaiming eight berths, so we are on standby to handle any large customers interested in us,' he said yesterday.

 

BT also understands that the fledgling port intends to list on the main board of Kuala Lumpur Stock Exchange within two years.

 

Commerce International Merchant Bankers and KPMG are believed to have been appointed advisers for an IPO, which may be brought forward to raise crucial funds for the expansion.

 

PTP could be expected to issue between 200 million and 500 million shares at RM1 per share.

 

There is some doubt that berth construction and handling equipment costs are included in the RM1.2 billion figure for the Phase Two expansion. Industry observers say the figure for the Phase Two cost sounds surprisingly low for a project that includes land reclamation. Insiders say a berth normally costs S$200-250 million to build.

 

PTP earlier said it would build two more berths in the next phase. So the remaining six more berths planned could involve only land preparation. Capacity constraints at PTP have been the subject of speculation following its April coup in wooing Taiwanese main line Evergreen Marine from Singapore's PSA Corporation.

 

This was crucial for PTP - majority-owned by Malaysian tycoon Syed Mokhtar Al-Bukhary and 30 per cent by Danish shipping line Maersk Sealand - in its effort to shed its image as a single-user facility.

 

PTP is expected to have little surplus capacity after Evergreen shifts its transhipment hub by September this year, joining primary tenant Maersk.

 

Some observers suggest PTP could still accommodate a small to medium-sized line, but any main line would have to wait for further berth expansion.