Ministry has no qualms about MMC divestment

Transport Minister Anthony Loke Siew Fook.

KUALA LUMPUR: The Transport Ministry (MOT) has no objections to MMC Corp Bhd plans to divest its 49% stake in MMC Ports Holdings Bhd, even to foreign companies, says Transport Minister Anthony Loke Siew Fook.

However, he said issues concerning concessions and ownership status of the nation’s key assets must be scrutinised.

He added that the decision to sell equity interest in a company lies within the company’s purview.

“I have not been informed of MMC’s plan to sell, but any change in ownership involving concessions must be reported to MOT.

“The involvement of foreign entities in the local port sector is not new,” the minister said.

“Maersk Line holds a 30% stake in Port of Tanjung Pelepas Sdn Bhd,” he added.

Loke said this at the launch of the Evlution electric vehicle charging station here yesterday, held in collaboration with Mastercard and RHB Bank Bhd.

The minister emphasised that corporate undertakings were the prerogative of companies, provided they adhere to government’s policy requiring a 51% local ownership in major national assets.

Earlier reports had indicated that New York investment firm, Global Infrastructure Partners, postponed plans to acquire up to 49% of MMC Port Holdings. — Bernama

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