KUALA LUMPUR (Dec 6): Tanco Holdings Bhd (KL:TANCO) announced that its 79%-owned subsidiary, Midports Holdings Sdn Bhd (MHSB), is exploring a potential collaboration with Hong Kong-listed Cosco Shipping Ports Ltd for the operation and management of MHSB's proposed "smart AI container port project" in Port Dickson, Negeri Sembilan.
MHSB has signed a memorandum of understanding (MOU) with Cosco Shipping to enable the parties to conduct further discussions in good faith, said Tanco in a bourse filing on Friday.
“The MOU is to facilitate and support the company’s efforts to develop a strategic relationship with a reputable, capable, experienced and global leading port logistics service provider for the operations and management of the port project,” Tanco said.
In June, MHSB had entered into an MOU with CCCC Dredging (Group) Co Ltd, one of the largest dredging companies in the world, to develop the port. This after Tanco announced in January that Malaysia's Ministry of Transport had given its approval-in-principle for the project, subject to various technical studies and preliminary conditions.
Tanco, primarily a property developer, is known for projects such as Bandar Country Homes in Rawang and Duta Vista in Kuala Lumpur.
Tanco’s shares closed three sen or 1.81% higher at RM1.69 on Friday, valuing the group at RM3.64 billion. The stock has climbed RM1.10 or nearly 190% since the start of this year.