PTP-PSA tie up closer to fruition
By Darshini M. Nathan
PLANS are being drawn out to split the second phase of Port of Tanjung Pelepas' expansion plans (almost completed) into a separate entity (for now called PTP2). Initially, industry sources say this entity will be wholly owned by PTP. But there's more to come. Sources say foe-turn-friend Port of Singapore Authority will be invited to take up a stake in the separate entity.
"We plan to do it this way to allow PSA to come in and form a partnership with us but at the second tier of the PTP group structure. That way, there are no changes in the shareholding of PTP," says the source. Tan Sri Syed Mokhtar Albukhary controls 70% of PTP via MMC Corp Bhd and his private vehicle Seaport Terminals (Johore) Sdn Bhd. MMC owns 51% of the port, while Seaport Terminals has a 19% stake. Maersk Sealand, the first liner that PTP succeeded in attracting back in 2001, holds the balance 30% equity
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