MMC Corp receives shareholders' nod for acquisition of remaining 51% stake in Penang Port

KUALA LUMPUR: MMC Corp Bhd shareholders have approved the purchase of the remaining 51% shares in Penang Port Sdn Bhd, the operator of Penang Port, at an EGM today.

"By having this, that will complete our acquisition for the entire western coast of Peninsular Malaysia where we have Penang now, we have Northport, Melaka Port and PTP (Port of Tanjung Pelepas). That allows us to go for consolidation. Whether to spin off, we will look at it later. Let us create value first," group managing director Datuk Seri Che Khalib Mohamad Noh told reporters today.

He said the group is in the midst of completing the transfer of its ferry business to Prasarana Malaysia Bhd, which is a condition for it to purchase Penang Port.

"It is going on. We are in the final leg. There was some delay because we had to negotiate on the staff matters and all that. In principle, both parties have already agreed.

"Now we are waiting for the government's formal approval for the transfer of ferry to Prasarana," he said, adding that it would take one or two more months to complete the transfer.