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JV Agreement to be terminated

JV Agreement to be terminated
MISC Berhad and Pelabuhan Tanjung Pelepas Sdn Bhd have mutually agreed to terminate a Joint Venture (JV) and Shareholders' Agreement inked on April 29, 2008.

MISC Berhad and Pelabuhan Tanjung Pelepas Sdn Bhd have mutually agreed to terminate a Joint Venture (JV) and Shareholders' Agreement inked on April 29, 2008.

MISC Berhad, Malaysia's leading international shipping line, and Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) have mutually agreed to terminate a Joint Venture (JV) and Shareholders' Agreement inked on April 29, 2008 following the shipping line's withdrawal from the Grand Alliance. In a statement, MISC said the agreement was signed to form a joint-venture company called "PTP-MISC Terminal Sdn Bhd" (JV Co) to serve MISC and other members of the alliance to develop Port of Tanjung Pelepas into the region's main transshipment hub.

Grand Alliance is a grouping of shipping giants comprising Hapag-Lloyd, NYK, OOCL and MISC, formerly known as Malaysia International Shipping Corporation Berhad.

However, following MISC's withdrawal from the alliance, effective Jan 1, 2010 and restructuring of its liner business to be a leading Intra Asia Liner operator, PTP and MISC had agreed to rescind the JV Agreement.

MISC, a subsidiary of Petronas, will nevertheless continue to use Port of Tanjung Pelepas in Johor via a direct Terminal Services Agreement with PTP.

PTP, a 70 per cent-owned subsidiary of MMC Corporation Bhd, is the operator of the Port of Tanjung Pelepas.

The statement said the termination would not have any effect on the earnings of the MISC Group in the financial year ending March 31, 2010.

www.TurkishMaritime.com.tr

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