Suria Capital in talks with MMC on sale of Sabah Ports stake

Sapangar Bay Container Port.

PETALING JAYA: Suria Capital Holdings Bhd said it has held talks with MMC Corp Bhd about possible equity sale in wholly owned unit Sabah Ports Sdn Bhd, but no decision has been made on the matter.

“The discussion between MMC Corp and Suria Capital with regards to the proposed acquisition of a stake in Sabah Ports by MMC Port Holdings Sdn Bhd, a wholly owned subsidiary of MMC Corp, has taken place.

“However, as at to date, the board of directors of Suria Capital have yet to make any firm decision in relation to the same,” it said in a filing with Bursa Malaysia.

Similarly, MMC Corp also confirmed the talks in a separate announcement.

Sabah Ports manages and operates eight major ports in the state. Four of Suria Capital’s ports are located on the west coast of Sabah and four on the east coast. In 2016, Suria Capital derived 84% of its revenue from port operations. 

Meanwhile, MMC Corp, which is also in the business of port operations, has targeted to list its port operations next year.

MMC Corp’s stable of ports include the Port of Tanjung Pelepas, Johor Port, NCB Holdings Bhd that operates Northport in Port Klang, and Penang Port.