MMC Corp Eyes Stake in Sabah Ports

Malaysia’s MMC Corporation Berhad is looking to purchase a stake in Sabah Ports Sdn Bhd, a subsidiary of Suria Capital Holdings Berhad.

The company confirmed that the parties have launched talks on the acquisition, however, “the Board of Directors of MMC has yet to make any firm decision in relation to the same,” MMC said in a stock exchange announcement on August 10.

If the company decides to purchase the stake in Sabah Ports, it would do so through its subsidiary MMC Port Holdings.

The parties did not release any financial details on the proposed acquisition.

Sabah Ports Sdn Bhd took over Sabah’s port operations from Sabah Ports Authority through privatization in September 2004.

The subsidiary company operates and manages the eight ports in strategic locations around Sabah, including Sapangar Bay Container Port, Sapangar Bay Oil Terminal, Kota Kinabalu Port, Sandakan Port, Tawau Port, Lahad Datu Port, Kunak Port and Kudat Port.

World Maritime News Staff

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