Kuala Lumpur: Northport (Malaysia) Bhd, the port operating subsidiary of NCB Holdings Bhd, plans to allocate RM1bn to finance new redevelopment projects over the next five years beginning 2014, said its ceo Abi Sofian Abdul Hamid.
Under the proposed five-year plan, the Port Klang terminal operator intends to upgrade its container wharf facilities comprising Wharf 8, 9 and 10 and buy new container handling equipment so that it can handle bigger ships as well as expand its capacity further.
The proposed redevelopment will also include upgrading of the conventional cargo terminals in Northport for breakbulk, liquid and dry bulk cargo and that in Southpoint — the oldest section of Northport.
"We are in the process (of getting the board's approval for the RM1bn redevelopment project). We will make an announcement (about funding for the project) when everything is finalised," he told SunBiz in an interview.
Northport had earlier embarked on a RM500m expansion, which includes the development of a new 350 m container berth called Wharf 8A, bringing the container quayline at the port to a total of 3.4 km.
"The RM500m expansion was fully financed by internal funds, but we would have to raise funds for the upcoming (RM1bn) redevelopment project," said Abi Sofian.
The company has so far used up half of its RM500m allocation on upgrading works and the purchase of new container handling equipment and will spend the remaining RM200m this year.
"Wharf 8A, which will be operational in August this year, will inject an additional container handling capacity of 600,000 teu to the current 5m teu," said Abi Sofian.
It has been exactly a year since Abi Sofian took over as ceo of Northport on April 16, 2012.
Under his stewardship, Northport is targeting to handle 3.4m teu this year, up 10% from 3.09m teu in 2012. [15/04/13]
