Suria Capital seeks port tariff hike at Sabah ports

KUALA LUMPUR: Suria Capital Holdings Bhd, the owner of Sabah Ports Sdn Bhd (SPSB), is appealing to the Sabah state government to increase port tariffs at its ports in the state.

Chief financial officer Noorida Baharuddin said the company submitted the application to the state government last month.

"In the privatisation agreement, there is a provision that allows us to apply for a revision after five years into the concession period.

"We will be advised by the state economic planning unit on when it will be presented to state cabinet. We are hoping it will happen soon, ” she told reporters at the MIDs Gems Corporate Day Showcase here, today.

The event was organised by Bursa Malaysia Bhd and the Malaysian Investor Relations Association.

The proposed tariff revision includes container and general cargo tariffs.

On another development, Noorida said Suria Capital was not in talks to sell a stake in SPSB, its wholly-owned subsidiary.

"We have met with DP World Plc recently and we just discussed on the usual business matters. They wanted to know how Sabah Ports operate, ” she said.

It was reported on July 29 that DP World, a global port terminal operator based in Dubai, has expressed its interest to purchase a stake in SPSB.

SPSB operates eight ports in Sabah, namely Sapangar Bay Container Port, Sapangar Bay Oil Terminal, Kota Kinabalu Port, Sandakan Port, Tawau Port, Lahad Datu Port, Kunak Port and Kudat Port. - Bernama

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