KUALA LUMPUR (June 21): Scheduled waste management company Hiap Huat Holdings Bhd (KL:HHHCORP) on Friday announced a RM100 million investment over the next five years to build a liquid bulk storage terminal in Port Klang.

The terminal — boasting a storage capacity of 123,800 cubic metres distributed across 41 vertical storage tanks — will be developed in three phases, Hiap Huat said in a statement. The first phase is expected to be operational by the fourth quarter of 2025, it noted.

The land for the project is leased from Westports Holdings Bhd (KL:WPRTS) for 46 years, with an option to extend for an additional 12 years, Hiap Huat said.

On Friday, Hiap Huat, through its 60%-owned subsidiary KL Bunkering Sdn Bhd (KLB), signed a 46-year collaboration agreement with bitumen company Qastalani Sdn Bhd which covers about 38% of the first phase of the storage capacity and could be expanded to 40,000 cubic meters.

“We are thrilled to embark on this ambitious project, which represents a significant milestone for Hiap Huat and the Malaysian liquid bulk storage landscape,” said Hiap Huat’s managing director Datuk Chan Say Hwa.

Apart from handling scheduled waste, Hiap Huat also manufactures petrochemical products such as fuel oil and lubricants, as well as paints and containers.

The terminal will employ certified sustainable products as the primary heating source, significantly reducing the environmental impact, and focus on storing environmentally friendly products such as biofuels and “materials related to the circular economy”.

“This approach minimises ecological footprints and supports the transition towards a greener and more sustainable industry,” he added.

As of the end of March, Hiap Huat had RM13.9 million in cash and bank balances, compared to total bank borrowings of RM24.69 million.  

As of 4.01pm, shares of Hiap Huat were up one sen or 6.45% at 16.5 sen, giving it a market value of RM68.21 million.