Kuala Lumpur: China’s Guangxi Beibu Gulf International Port Group is taking a total of 40% stake in Kuantan Port Consortium for RM334.42m.
Road Builder Holdings and Essmarine Terminal, two units of IJM Corp Bhd, are selling a 38% stake and 2% stake to Guangxi Beibu respectively.
“There is no profit impact at the group level. However, the disposal would increase the reserves positively and enhance the group’s balance sheet,” the consortium said, adding that proceeds from the disposal would be used for port expansion and working capital of the group.
IJM said its partnership with Guangxi Beibu would bring best practices of port management, and its network of clienteles would enhance the capacity utilisation of Kuantan Port. [10/09/13]
