TALKS between officials from Malaysia Mining Corp Bhd (MMC) and the Port of Tanjung Pelepas (PTP), involving the sale of 50.1 per cent of the stake in the port, will initiate the merger of two important ports in the country.
MMC recently announced a conditional share sale agreement with Seaport Terminal (Johor) Sdn Bhd, a 70 per cent shareholder of PTP, to acquire a 50.1 per cent controlling stake.
Seaport Terminal and MMC are both controlled by Tan Sri Syed Mokhtar Al- Bukhari. This prompted industry observers to say the merger between the two ports will finally take place.
The initial plan was for PTP to handle the entire container volume of the …