MMC takes controlling stake in Malaysian port
MMC has taken 70% equity interest in Tanung Bruas Port operator KMB Seaport for $4.7m, strengthening its hold on the Malaysian port sector.
Last year, KMB Seaport sealed a deal from the Federal government and Malacca Port Authority to privatise Tanjung Bruas Port, a small but strategically located terminal located at the most central and narrowest part of the Straits of Malacca.
KMB Seaport plans to expand the port’s capacity, and modernise its equipment and facilities.
MMC said the purchase bodes well for MMC group’s effort in maintaining its position as a key player in the ports industry in Malaysia.
The proposed acquisition is expected to be completed in the first half of 2017.
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