Seaport likely to take over Penang Port by December
Seaport Terminal, the winning bidder in the Penang Port privatisation exercise, hopes to take over the country's oldest port by the end of the year, reported Business Times.
Its director Datuk Mohd Sidik Shaik Osman told a media briefing that the company had received the letter of award from the government and would like to take over port operations as soon as possible.
"However, some i's have to be dotted and t's crossed before we can sign the privatisation agreement," said Sidik, who is also the chairman of Pelabuhan Tanjung Pelepas, a unit of MMC Corp Bhd.
Sidik said Seaport Terminal would make capital injection into Penang Port but did not disclose the amount.
He said once privatised, Penang Port would have a capital expenditure (capex) of US$320 million by 2017 and $1.5 billion by 2022.
The capex will be funded through a combination of capital injection, internally generated funds and borrowings.
Apart from Seaport Terminal, another party that had made a bid for Penang Port was Oriental Pearl Harbour, believed to be linked to businessman Datuk Siew Ka Wei, the controlling shareholder of listed Ancom.