Syed Mokhtar seen a shoe-in as Luster's partner for Kedah port

Following on from last week's expression of interest in the project, it has now emerged that a company linked to Syed Mokhtar could be Luster Industries Bhd's technical partner in the Kuala Muda port development project, its group managing director Lim See Chea was quoted as saying.

Lim said Syed Mokhtar is seen as Luster's best technical partner as he already owns Port of Tanjung Pelepas and Johor Port through MMC Corp Bhd. "Yes, Syed Mokhtar who's from Kedah and has expertise in port development, is a possible technical partner for the venture (in the Kuala Muda port development project)," Lim was quoted as saying in local media reports.
Meanwhile Luster plans to have further discussions with the Kedah government on the project, with a meeting hopefully taking place this month to get more details.

Luster has been selected to participate in the bid for the project because it filled certain core requirements - being a Kedah-based public-listed company and with a sound balance sheet.

It has only just completed in March a debt restructuring exercise that saved it from delisting.

Lim, who owns 18% of the company, said Luster will have to seek a partner if it wants to participate in the project.

Posted 25 June 2013

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Vincent Wee

Asia Editor, Seatrade Maritime News

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