Turning Penang Port around

ALTHOUGH some of the key details of the controversial privatisation of Penang Port are not made public, the new operator of the oldest port in the country, Seaport Terminal Sdn Bhd, is now ready to share its plan to turn around the loss-making entity.

This is after six months of officially taking over the operations of Penang Port Sdn Bhd but again Seaport Terminal, a privately-held entity linked to tycoon Tan Sri Syed Mokhtar Al-Bukhary, is unable to reveal the total takeover value of Penang Port as it is bound by confidentiality clause in the concession agreement.