Malaysia's Bintulu Port Holdings, which runs the nation's largest LNG port, plans to offer 100 million new shares to raise at least 400 million ringgit ($105.2 million) under its IPO. It was reported that 40 million of the shares will be offered to the public and 60 million will be placed with private investors who will include foreigners. The managing underwriter for Bintulu Port's listing, Commerce International Merchant Bankers (CIMB), is confident its IPO will be well received by investors. "The port itself is an attractive investment proposition," said a CIMB official. Bintulu port handled 23.6 million tons of cargo from the time it began operations in 1993 until last year. Of this amount, LNG accounted for 64 percent of its total throughput handled and 81.5 percent of total revenue. Malaysia's third LNG plant in Sarawak state is due to come onstream in 2002-2003. Bintulu Port's listing would also see a restricted offer for sale of 136 million shares held by the Minister of Finance Inc to state oil firm Petronas and the Sarawak state government. The issue price is at 2 ringgit ($0.52) a share, and CIMB officials said IPO proceeds could hit 400 million ringgit ($105.2 million) since the private placement to international investors would be at a premium.