Sabah government investment vehicle Suria Capital Holdings, which operates Sabah’s main container port through unit Sabah Ports said in a stock marker announcement that the Federal Government had approved an additional sum of MYR333.5m for the expansion programme following the recommendation of the Value Management Lab for Sabah Development Corridor project.
The additional funding is to cover the cost of the expansion, it said.
Sabah Ports, it added, would be responsible for procuring the cargo handling equipment and the additional yard to achieve the 1.25m teu capacity.
Under the 11th Malaysia Plan, MYR800m had been originally allocated for the port expansion, with funding under the first rolling plan was to be staggered over two years (2016-2017).
Construction work for the first stage of the development is expected to start early next year, with completion expected by 2019.
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