“This will complete our acquisition for almost all the ports alongside the western coast of Peninsular Malaysia namely Penang Port, Northport, Malacca Port, Port of Tanjung Pelepas and Johor Port," group managing director Che Khalib Mohamad Noh was quoted as saying by local media.
“For Penang Port, we have managed to turn around the business even with the loss-making ferry business," he noted, adding that it expected to do better this year after handing over this business to Prasarana Malaysia.
Che Khalib said MMC would work to enhance the port business, currently MMC's top revenue generator, before divesting it. "We will need time to consolidate our port operation to achieve better efficiencies in terms of procurement, for example, before we decide to spin it off as we are in no hurry," he said.
“Even Kontena Nasional, sister logistics company of Northport, is turning around. Let us create the best value first as the port business is currently the biggest revenue contributor of MMC at about 60% as of last year," Che Khalib concluded.
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