Cahya Mata Sarawak in RM1.04bil phosphate plant JV

KUALA LUMPUR: Cahya Mata Sarawak Bhd (CMSB) is teaming up with several parties to build South-east Asia’s first integrated phosphate complex in Samalaju, Sarawak which will involve an estimated capital expenditure of RM1.04bil.

CMSB said on Tuesday the complex, with annual production capacity of 500,000 tonnes of phosphate and related products, would be built on 350 acres of land near the Samalaju deepwater port which is being built.

“Construction of the complex is expected to start in Q1, 2014 and to be operational in phases starting Q1, 2016 and to be fully commissioned by Q2, 2018.

“It will employ nearly 1,000 skilled workers and staff and will involve an estimated capital expenditure of RM1.04bil, which will be funded via a mixture of shareholders’ equity and long term bank funded debt, which is currently being arranged,” it said.

CMSB said its unit Samalaju Industries Sdn Bhd (SISB) had inked a shareholders’ agreement with Malaysian Phosphate Venture Sdn Bhd (MPVSB), Malaysian Phosphate Additives (Sarawak) Sdn Bhd (MPASSB) and Arif Enigma Sdn Bhd (AESB) to build the plant.

“The joint venture company under the shareholders’ Agreement, MPASSB, will be owned as to 40% each by SISB and MPVSB and 20% by AESB,” it said.

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