KUALA LUMPUR (Sept 9): Suria Capital Holdings Bhd said on Monday its wholly owned Sabah Ports Sdn Bhd (SPSB) has signed a collaboration agreement with Dubai-based port operator DP World FZE to operate the Sapangar Bay Container Port (SBCP).
This agreement follows the successful execution of a conditional share subscription agreement announced earlier in April, where DP World FZE will subscribe to 3.57 million shares in SBCP, while SPSB will take up the remaining shares.
The signing of the collaboration agreement marks the commencement of the joint development, management, and operation of SBCP, Suria Capital said in a filing to the local stock exchange.
"This partnership is set to bolster the growth of Sabah’s port industry and enhance its role as a logistics hub in the region," the company added.
In April, Sabah Ports managing director Datuk Ng Kiat Min said the collaboration with DP World would help optimise SBCP’s operations, catalysing increased trade through Sabah and benefitting local communities and businesses.
Under the collaboration, DP World aims to increase the port’s container handling capacity to 1.25 million TEUs by 2025. The partnership includes investments in workflow optimisation, digital enhancements to boost operational efficiency, and improved port connectivity.
Shares in Suria Capital closed five sen or 2.38% lower at RM2.05 on Monday, giving it a market capitalisation of RM708.93 million.