Wednesday 17 Apr 2024
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KUALA LUMPUR (Jan 16): Tanco Holdings Bhd said the Ministry of Transport has no objections to its subsidiary's proposed development of a smart AI container port in Negeri Sembilan. 

Tanco said its 79%-owned subsidiary, Midports Holdings Sdn Bhd, was notified of this on Monday by the Malaysia Marine Department (MMD).

MMD went on to inform Midports that the department is giving its approval-in-principle to the port project, subject to various technical studies and preliminary conditions that have been set by the transport ministry.

The preliminary conditions include the appointment of a licensed surveyor to determine the section of the sea required for the jetty or other on-water structures, and the application for ownership of such a sea section by Menteri Besar Incorporated Negeri Sembilan to the state authorities.

Other conditions include approvals on the Environment Impact Assessment, Detailed Environment Impact Assessment, Traffic Impact Assessment, Hydrology Report, Social Impact Assessment, and Fisheries Impact Assessment.

Midports was established in October 2023 to engage in port operations, carrier haulage and transportation, and logistics as part of Tanco’s plan to diversify into the port operator business.

Tanco, a property developer, is known for projects such as Bandar Country Homes in Rawang and Duta Vista in Kuala Lumpur.

Tanco shares closed up half a sen or 0.81% to 62.5 sen, a level it has not seen in more than two decades, bringing the group a market capitalisation of RM1.26 billion.

Edited ByS Kanagaraju
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