Port Klang's largest terminal operator Westports has been granted approval to extend its concession at Malaysia's biggest container port by a further 30 years.

Removing any future uncertainty, the Malaysian government and Port Klang Authority (PKA) have agreed to extend Westports Holdings Bhd concession period by another 30 years

Newly-listed Westports Holdings posted a respectable 18.8% rise in third quarter earnings to MYR105.73m ($33m) from MYR88.97m previously.

Trying to further reassure investors, Westports Holdings Bhd ceo Ruben Gnanalingam was quoted as saying he personally believed the market had over-reacted to the news of Westports losing volumes because of the P3 alliance.

Still reeling from the news that the P3 alliance will be dropping some services to its terminals, Westports Holdings is calling on the Malaysian government will build more roads and bridges in Port Klang and Pulau Indah, local media reports said.

Newly-listed Westports Holdings shares fell by 5% on Tuesday hit by the P3 Alliance’s choice of hub ports in Southeast Asia.

Mostly state-linked funds will come in to bolster the initial public offering (IPO) of Malaysia's busiest container terminal operator Westports Holdings Bhd, as its $610m listing is hit by poor market sentiment.