Kuala Lumpur: The Malaysian government has granted Kuantan Port Consortium, in which Road Builder (M) Holdings has 60% ownership, a 30-year concession to develop, operate and manage Kuantan Port.
The privatisation agreement was signed today by the government and the consortium. The concession period commenced on June 1.
A further 30‐year extension to the concession will be granted upon the fulfilment of certain development conditions, a filing to Malaysia’s Bursa exchange said today.
The concession agreement covers the existing port, as well as the new deepwater terminal that is being built adjacently.
The consortium plans to invest RM 3bn ($799m) in developing the new terminal in two phases. The harbour basin and navigation channel will be dredged and land reclaimed initially, followed by the construction of the new berths and yards for cargo storage.