Sapangar to benefit from extra funds
Malaysia’s government has increase the funding for development of Sapangar Bay Container Port, in Sabah Province.
Investment will increase by RM333.55m ($82.6m), said owner Suria Capital in a filing with the Kuala Lumpur Stock Exchange.
“The revised project cost is now RM1,133,505,000.00,” the filling added.
The development is to prepare the port for a new role as the transhipment hub for the East Asian and Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA).
“The additional funding is to cover the cost of the expansion. Sabah Ports Sdn Bhd (a wholly-owned subsidiary of Suria and operator of the port) will be responsible for procuring the cargo handling equipment … to achieve the 1.25m teu capacity,” the filing added.
Sapangar can currently handle 500,000 teu a year.
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