Bintulu Ports to raise MYR1.35bn for Samalaju project
Sarawak's Samalaju Industrial Port Sdn Bhd (SIPSB), a unit of Bintulu Port Holdings Bhd, is planing to raise up to MYR1.35bn from a share placement and sukuk (islamic securities) issue to fund the development of its Samalaju port project in Bintulu, Seatrade Asia online reports.
They plan to raise MYR400m via the placement of up to 15% of its issued and paid-up capital, and up to MYR950m from the issuance of sukuk to finance the development of the MYR1.8bn Samalaju Port project, Seatrade Asia online reports.
SIPSB has appointed Kenanga Investment Bank Bhd as the principal adviser and placement agent for the proposed placement exercise, and CIMB Investment Bank for the proposed sukuk issue.
Bintulu Ports' three major shareholders are Petroliam Nasional, Sarawak State Financial Secretary and Kumpulan Wang Persaraan with stakes of 32.79%, 30.68% and 9.52% respectively as at 31 March 2012.
Dredging works for the proposed main port will commence in first quarter of 2013 and the construction of the wharf and breakwater is expected to start in June.
Samalaju Port is designed to handle 18m tonnes of cargo per annum compared with Bintulu Port's current capacity of 16m tonnes (of non-liquified natural gas cargo) per annum. The new port's capacity can be expanded to 30m tonnes a year if necessary.