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MMC Corp on track to list port arm by end-2018, early 2019

MMC Corp on track to list port arm by end-2018, early 2019
MMC Corp said it still plans to list its port unit at the end of next year or in early 2019.

MMC group md Che Khalib Mohamad Noh told local media that there is no urgency to list the ports arm at the moment and funds will only be needed for future expansion.

Meanwhile MMC Corp is on track with the restructuring of its ports and is working on bringing more value through synergies.

“We are looking at the listing by the end of 2018 or early 2019. Let us bring more value to our ports. We are also looking at the tariff revision with the government. Let us settle all this first,” he said.

He said most of the ports tariffs are bilateral and the company is required to negotiate with shipping companies. However, he said it will not have any direct impact on the public.

He also touched on the East Coast Rail Link (ECRL) which Che Khalib said would not be competing with its ports, but would instead complement them.

“We do not see it as diverting traffic from our ports, but bringing more cargo to our ports is possible. We have a portfolio of ports. We can direct our cargo to all our ports. The port is all about connectivity," he said.

On the controversial lifting of Malaysia's cabotage policy, he said: "The movement of cargo is all determined by the shipping companies. Even though we may want to stop cabotage, but shipping companies would not stop when there is no cargo."

He added that MMC Corp does not see any impact on its ports at the moment from the changes.