The Economic Planning Unit (EPU) has given the much-awaited nod to terminal operator Penang Port (PPSB) to separate its loss-making ferry operations from its core port business, and make it a subsidiary of the company, the Business Times reported.
The move by the EPU, a body established under the Prime Minister's Department, is part of a major restructuring plan aimed at facilitating the port operating unit's listing on Bursa Malaysia.
PPSB managing director Datuk Ahmad Ibnihajar said the separation of the two businesses, which is likely to take place this year, will create distinct identities for PPSB's ferry and port operations.
The move by the EPU, a body established under the Prime Minister's Department, is part of a major restructuring plan aimed at facilitating the port operating unit's listing on Bursa Malaysia.
PPSB managing director Datuk Ahmad Ibnihajar said the separation of the two businesses, which is likely to take place this year, will create distinct identities for PPSB's ferry and port operations.