Asia

Bintulu raising cash for neighbour port project

 

Kuala Lumpur: Sarawak-based Bintulu Port Holdings is moving ahead with a placement of 60m new ordinary shares at RM1 each, representing 15% of the paid up capital of the company in order to forge ahead with development port plans for nearby Samalaju. 

“The new modern deepsea port will be able to handle both bulk and liquid cargo, and is envisaged to serve as a catalyst for the energy-intensive industries … and form an integral shipping hub for Malaysia,” Bintulu Port said in a statement to the Kuala Lumpur stock exchange. Construction of the first phase of port development at Samalaju is expected to be completed by the end of this year. Facilities will include two barge berths and one roro berth with a 4m ton annual handling capacity.  [05/03/13]

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