Malaysia's Transport Minister Loke Siew Hock said his ministry had not yet been informed of the deal involving Malaysia's largest port operator, MMC Port Holdings Sdn Bhd.
The sale of a 49% stake in MMC Port to infrastructure fund giant GIP is no news in the industry. MMC Port Holdings has container terminals in all major Malaysian ports, including North Port in Port Klang and PTP Terminal in Tanjung Pelepas, with a total capacity of 23 million TEUs, and over 30 million tonnes of breakbulk capacity at the terminals it operates. The terminals it operates also have a bulk cargo handling capacity of over 30 million tonnes.
If the sale of the stake is finalised, it would be the biggest port deal in Malaysia's history. GIP is said to be seeking financing for the deal, valued at US$2.5bn, but recently Bloomberg reported that due to the high asking price, GIP has shelved its acquisition plan, although other bidders may emerge.
Asked by reporters about the sale of MMC Port's stake, Lu Zhaofu said he had no knowledge of the matter and that the Ministry of Transport had not been notified, but any change in MMC Port's shareholding structure, especially if it might involve the government's operating concessions, should be formally notified to the government.
Luk Siu Fook pointed out that foreign participation in the Malaysian business is not new, Tanjung Parapas Port PTP Terminal is MMC Port and Maersk's terminal company APMT's joint venture, MMC Port and APMT's shareholding of 70 per cent and 30 per cent, respectively.
Malaysia's policy is for local companies to retain a 51 per cent controlling stake, and as long as this policy is not violated, companies can make decisions on the commercial side.
https://www.cnss.com.cn/html/gkqy/20240417/352900.html
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