Thursday, 4 July 2013

IJM Corp will invest RM2bn capex in Kuantan Port

IJM Corporation Bhd, the operator of Kuantan Port, will invest about RM2bn to build a new deep water terminal for the berthing of vessels of up to 200,000 deadweight tonnage. IJM CEO and MD, Datuk Teh Kean Ming said construction of the new terminal is expected to commence in the first quarter of next year, with a 24-month completion period.
  • Once ready, he said the new terminal will double the size of the multipurpose port, in terms of capacity to handle 52m freight tonnes of cargo, from the current 26m. "We are currently looking at the final design plan. Once our Chinese partner, Guangxi Beibu Gulf International Port Group Co Ltd, come on board in October this year, we can decide on further specifications.

  • "The proceeds from IJM's 40% stake disposal in Kuantan Port to Guangxi, will be used to fund the construction, together with a portion of internal funding," Teh added. (Bernama)

Source: CIMB Daybreak - 04 July 2013

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