MOT: No objection to MMC’s port stake to foreign entities

I have not been informed of this matter (MMC’s plan to sell the stake), but any change in ownership involving concessions must be reported to the MOT. The involvement of foreign entities in the port sector is not new, for instance, Maersk Line holds a 30 per cent stake in Port of Tanjung Pelepas Sdn Bhd (PTP).

Anthony Loke Siew Fook

KUALA LUMPUR: The Ministry of Transport (MOT) has no objections if MMC Corp Bhd plans to divest its 49 per cent stake in MMC Ports Holdings Bhd, even to foreign entities, said Transport Minister Anthony Loke Siew Fook.

However, the minister said issues concerning concessions and the ownership status of the nation’s key asset need to be scrutinised.

He said the decision to sell equity interest is a corporate matter and lies within the company’s purview.

“I have not been informed of this matter (MMC’s plan to sell the stake), but any change in ownership involving concessions must be reported to the MOT.

“The involvement of foreign entities in the port sector is not new, for instance, Maersk Line holds a 30 per cent stake in Port of Tanjung Pelepas Sdn Bhd (PTP),” he said.

Loke said this on the sidelines of the launch of the Evlution electric vehicle (EV) charging station on Tuesday in collaboration with Mastercard and RHB Bank Bhd.

The inauguration marks the beginning of Evlution’s initiative to deploy 2,000 EV charging stations nationwide by 2025, improving access for EV users to charge their vehicles at strategic locations throughout the country.

Loke further emphasised that corporate exercises are the prerogative of companies, provided they adhere to the government’s policy requiring a 51 per cent ownership in major national assets by local entities.

Earlier reports indicated that New York-based investment firm, Global Infrastructure Partners (GIP), has postponed plans to acquire up to 49 per cent of MMC Port Holdings.

MMC Port Holdings is a subsidiary of port conglomerate MMC Corp, controlled by prominent corporate figure Tan Sri Syed Mokhtar Al-Bukhary.

Syed Mokhtar was reportedly seeking a valuation of RM15 billion (US$3.2 billion) to RM20 billion (US$4.27 billion) for MMC Port, potentially making Malaysia’s largest port deal.

Meanwhile, Evlution chief executive officer Jeffrey On announced the company’s ambitious goal to instal the first 100 EV charging stations by mid-2024 in metropolitan areas spanning the Klang Valley, Penang, and Johor.

As of today, Evlution stands as Malaysia’s sole charging point operator offering an integrated payment system, allowing users to pay for EV charging via the Evlution mobile app or a physical card.

“Through strategic partnerships with RHB and Mastercard, Evlution introduces the latest payment platform facilitating seamless transactions and advancing sustainable mobility solutions,” he said.