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MMC in talks to acquire stake in Sabah Ports

MMC in talks to acquire stake in Sabah Ports
Malaysia's MMC Corporation has confirmed that the company is now in talks with Suria Capital Holdings to acquire a stake in Sabah Ports.

''We wish to clarify that the discussion between MMC and Suria Capital Holdings with regard to the proposed acquisition of a stake in Sabah Ports by MMC Port Holdings, a wholly owned subsidiary of MMC, has taken place. However, as at to date, the board of directors of MMC has yet to make any firm decision in relation to the same,'' MMC said in a release.

The move is expected to further cementing MMC's dominant position across the Malaysian boxport scene. MMC controls a number of port assets including Pelabuhan Tanjung Pelepas, Johor Port, Northport (Malaysia), and Seaport Worldwide in Malaysia and Red Sea Gateway Terminal in Saudi Arabia.

Sabah Ports has a 30 year concession, which commenced in 2004, to manage and operate eight ports in the state including Kota Kinabalu Port, Sapangar Bay Container Port, Sapangar Bay Oil Terminal, Kudat Port, Sandakan Port, Tawau Port, Lahad Datu Port and Kunak Port.

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