JUST IN

Weststar looking to go public

by | Aug 4, 2021 | NEWS | 0 comments

Weststar Aviation Services Sdn Bhd (WAS) is reportedly reviewing its plans for an Initial Public Offering (IPO) to raise between RM1.5 billion and RM2 billion as it needs funding to further strengthen its foothold in the global market.

WAS is already operating in eight countries including Malaysia and wants to expand to Saudi Arabia, Africa and the South American markets, where it currently operates helicopter services.

The listing could be by the end of the year or early next year and WAS is in talks with several local and foreign banks to be lead arranger for the local and foreign tranches and the banking groups include Malayan Banking Bhd, CIMB Group Holdings Bhd, Ambank and JP Morgan.

WAS had considered listing earlier but market conditions were unfavourable and although the aviation sector is not doing well, helicopter transport services are very much in demand across the globe especially to service the oil & gas and medical services sector.

WAS began operations in 2003 when chairman Tan Sri Syed Azman Syed Ibrahim paid US$1.5 million to buy a second-hand helicopter for his travels. When the helicopter was not in use, he leased it and realized he should venture into providing helicopter services.

With a current order book worth over RM3 billion that can take it through to 2027 (without contract extensions), WAS is supposed to be valued at between RM4 billion and RM4.5 billion now.

Its fleet of 39 helicopters is used to service its clients in several countries including Malaysia, Indonesia, Timur Leste, Saudi Arabia, Gabon, Guinea, Namibia and Mauritania.

Some of its clients include Exxonmobil, Petronas Carigali, Shell, Saudi Aramco, Mubadala Petroleum, Petrofac, ConocoPhillips, Tullow Oil, Total, Schlumberger, JX Nippon Oil and Sapura.

-THE MALAYSIA VOICE

SEARCH 

ADVERTISEMENT 

DO FOLLOW 

OUR CATEGORIES