Tanco to list unit developing RM2bil AI port in PD


PETALING JAYA: Tanco Holdings Bhd plans to undertake an “infrastructure listing” of its subsidiary, which is building a RM2bil smart container port in Port Dickson.

In a statement yesterday, Tanco said it will be seeking permission from relevant authorities to float Midports Holdings Sdn Bhd, a 79%-owned unit of Tanco, on Bursa Malaysia in due course.

Midports, via a tie-up with the Negri Sembilan state government, will build the port – dubbed as Malaysia’s first artificial intelligence (AI) port – on Tanco’s 480-acre landbank.

The site, located at the midway of the Straits of Malacca, features a natural deep water access with more than 21 m in depth and is capable of accommodating the largest container ships globally.

On March 4, Midports entered into a joint venture (JV) with Menteri Besar Negri Sembilan (Pemerbadanan) (MBINS) to develop the container port.

Following this, a JV company will be set up to undertake the construction and future operations of the port.

The JV company will be 80% owned by Midports with the balance 20% by MBINS.

Tanco group managing director Datuk Seri Andrew Tan Juan Suan said the AI port will offer logistical advantages.

This will be done by significantly reducing transportation costs for gateway containers for businesses currently dependent on distant ports.

It will also enhance speed and efficiency for transshipment containers.

“We have started our groundwork and invited foreign industrialists to the smart AI container port location.

“These industrialists have expressed positive feedback and interest for the potential development of new industrial park(s) in close proximity to the smart AI container port in order to establish a more conducive trade and logistic ecosystem to accelerate the state’s industrialisation plans,” he said.

Tan further noted that the port’s proximity to industrial hubs is also expected to decrease carbon emissions, demonstrating Tanco’s contribution to sustainable practices.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Oil gains 1% on hopes of firmer demand
JPMorgan investors weigh CEO Dimon’s strategy, succession plan
Muhibbah rides on Cambodian tourism uptick
Feytech gears up for expansion to meet growing demand
Ready to rise up the ranks again
SC working overtime to combat spread of scams
Russia and Malaysia sign tax agreement
MGB ACHIEVES 23% PROFIT SURGE IN 1Q24
GDP up 4.2% in 1Q24
Chinese firms invest in ‘green’ jet fuel

Others Also Read