MMC Corporation ups stake in Northport

MMC Corporation ups stake in Northport

Kuala Lumpur: Malaysia’s MMC Corporation has increased its stake in NCB Holdings, who run container terminals at Northport in Port Klang, by a further 9.08%.

MMC bought 42,677,600 ordinary shares for a cash consideration of RM186.50m ($49m) from Kumpulan Wang Persaraan, having first bought a stake in NCB in November 2014. After the acquisition is completed, MMC’s stake in NCB Holdings will stand at 30.13%.

NCB group managing director Abi Sofian Abdul Hamid recently said that Northport and PTP were discussing collaboration possibilities which were at the “exploration” stage.

MMC, controlled by tycoon Syed Mokhtar, controls the Port of Tanjung Pelepas (PTP), Johor Port as well as the Red Sea Gateway Terminal in Jeddah, Saudi Arabia.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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