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MISC signs up with PTP

MISC signs up with PTP

Kuala Lumpur: MISC has said it is partnering Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) in an effort to make PTP Port the main transshipment hub in the region.
On 29 April 2008, MISC entered into a Joint Venture Agreement (JVA) with PTP to establish a private company known as PTP-MISC Terminal Sdn Bhd.
Under the agreement, PTP-MISC will have an initial issued and paid-up capital of RM500,000 (US$156,250), MISC, Malaysia's leading international shipping line, said in a statement to Bursa Malaysia on April 29.
PTP will hold a 70 per cent stake in the joint venture while MISC will own the balance of 30 per cent.
The joint venture company will serve MISC and other shipping lines with a view to make PTP Port the main transshipment hub in the region, the statement said.
PTP is a port for container ships located on the eastern mouth of the Pulai River in south-western Johor. The port has been scratching around for new clients since it snagged Maersk and Evergreen in 2001 and 2002.  [30/04/08]

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