Northport granted extension to concessions

KUALA LUMPUR: Northport (Malaysia) Bhd has been granted a further 30-year concession for the operations of North Port and South Port of Port Klang.

In a filing with the stock exchange, MMC Corp Bhd said its indirect subsidiary, Northport, entered into a privatisation agreement with the government of Malaysia and the Port Kelang Authority whereby it received the additional concession term. 

The concession is effective from Dec 1, 2013 to Nov 30, 2043.

"The Privatisation Agreement is not expected to have any material effect on the net assets of MMC Group for the financial year ending 31 December 2018," it said.

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