News:Asia

MMC in talks to buy stake in Sabah Ports

MMC Corp continues to expand its ports empire in Malaysia, confirming an earlier news report that it was in talks on acquiring a stake in Sabah Ports from Suria Capital Holdings.

"We wish to clarify that the discussion between MMC Corp and Suria Capital Holdings with regards to the proposed acquisition of a stake in Sabah Ports by MMC Port Holdings, a wholly-owned unit of MMC, has taken place,” the group said in a stock market announcement.

"However, as at to-date, the board of directors of MMC Corp has yet to make any firm decision in relation to the same,” it added.MMC Corp's ports portfolio includes Port of Tanjung Pelepas and Northport in the south and middle of Peninsula Malaysia respectively.

Earlier this year, MMC Corp had entered into an agreement to buy up the whole of Penang Port, in the northern part of the peninsular. Suria Holdings controls all the major ports in Sabah to the east of Peninsula Malaysia.

Posted 11 August 2017

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Vincent Wee

Hong Kong and SE Asia Correspondent, Seatrade Maritime News

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