PETALING JAYA: The proposed acquisition of Sabah Ports Sdn Bhd by MMC Corp Bhd ’s subsidiary has been aborted.
In a filing with Bursa Malaysia, state-owned port operator Suria Capital Holdings Bhd announced that it will continue to control the entire stake of Sabah Ports.
“We wish to confirm that Suria Capital is no longer pursuing the proposed acquisition of Sabah Ports, a wholly-owned subsidiary of Suria Capital, by MMC Ports Holding Sdn Bhd, a wholly-owned subsidiary of MMC Corp Bhd and that Sabah Ports remains as a wholly-owned subsidiary of Suria Capital,” it said
In August 2017, Suria Capital confirmed that it was in talks with MMC Corp with regard to the proposed acquisition of a stake in Sabah Ports.
Similarly, MMC Corp also confirmed the talks in a separate Bursa Malaysia filing.
Sabah Ports manages and operates eight major ports in the state of Sabah. Four of Suria Capital’s ports are located on the west coast of Sabah and another four on the east coast.
Meanwhile, MMC Corp, which is also involved in the business of port operations, controls the Port of Tanjung Pelepas, Johor Port, NCB Holdings Bhd that operates Northport in Port Klang, and Penang Port.