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Malaysia's Northport seals 30-year concession deal

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MMC Corporation-owned Northport has finally been granted a further 30-year concession for the operations of Port Klang’s Northport and Southport till November 30, 2043.

Northport’s earlier concession agreement ran out on November 30, 2013 and it has been running under an interim agreement since then as the container terminal changed ownership and was bought over by MMC in January 2016.

The new concession agreement between MMC, the Malaysian government and Port Klang Authority (PKA) has been backdated to start from December 1, 2013, MMC said in a stock market release.

“We are delighted to have signed this agreement and to have the opportunity to continue working for the progress of Port Klang and the nation’s economic growth as a whole,” Northport chairman Che Khalib Mohamad Noh was quoted as saying in local media.

“We are very positive that Northport will continue to contribute to make Port Klang Asia’s preferred logistics hub,” he added.

Northport was previously known as Klang Container Terminal and was the first terminal among the Malaysian government’s state-owned port facilities to be privatised in 1986. As part of the MMC Port Holdings unit of MMC Corporation, it is now part of a network of ports the group owns along the entire Malacca Straits coast of Peninsular Malaysia.

TAGS: Ports Regions