MISC sells stake in Malaysian port operator for $66 million
Shipping line Malaysia International Shipping Corporation Berhad (MISC) has sold its 15.73% equity interest in the port operations company NCB Holdings to MMC Ventures.
MMC reported in a filing with Bursa Malaysia:
The acquisition will bode well for MMC which is a key player in the ports industry in Malaysia. It provides a good opportunity for the group to acquire a strategic stake in an established company in the ports and logistics sector.
MMC Ventures has paid US$66.28 million for the port operations firm.
NCB Holdings Bhd. is headquartered in Port Klang, Malaysia. The investment holding company is engaged in port and logistics operations primarily in Malaysia. The firm operates in two segments:
- port operations, which is engaged in the management of port activities which comprises the provision of container handling services, storage, stevedoring and other ancillary services.
- logistics operation which is engaged in the haulage of containers, warehousing and provision of freight forwarding services.
The acquisition is in line with the initiative of MMC to make further strategic investment in MMC's core business to further strengthen MMC Group's financial position. It is also expected that the acquisition would contribute positively to the future earnings of the MMC Group.
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