Gnanalingam Emerges as Billionaire on Malaysian Port IPO

Westports Holdings Bhd. Executive Chairman G. Gnanalingam has become a billionaire as the main operator at one of Malaysia’s biggest ports sells shares in the country’s largest initial public offering this year.

Gnanalingam, 69, and his family will reduce their stake in Westports to 46.8 percent from 60 percent previously, according to the company’s prospectus. Their stake in the company after the share sale is valued at about $1.2 billion, according to the Bloomberg Billionaires Index. He and his family are also getting about $350 million from selling some stock. Shares will start trading in Kuala Lumpur on Oct. 18.