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HomeMaritime NewsRegionsAsiaNorthports to raise $299m for expansion plans

Northports to raise $299m for expansion plans

Northports to raise $299m for expansion plans
Port Klang terminal operator Northports needs to raise MYR1bn ($299m) for its expansion, and is deciding between going to the stock market or using islamic bonds or sukuk, ceo Abi Sofian Abdul Hamid was quoted as saying by local media.

One of Port Klang's two terminal operators, Northports is the oldest terminal in Port Klang, and its wharves are over 30 years old.

The operator however added that with the current economic conditions it would struggle to meet its 5% growth target, likely handling about 3m teu this year compared with 3.09m teu last year.

It will decide by October which financial instrument it will use, taking into consideration factors such as the volatility of Bursa Malaysia and the weakening Malaysian ringgit against the greenback.

TAGS: Containers Finance & Insurance Ports Malaysia
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