Big Plans for Penang Port

KUALA LUMPUR: Seaport Terminal Sdn Bhd wants to position Penang Port as a regional port to tap opportunities as far out as India and for that it plans grow its capacity and invest nearly RM1bil in capital expenditure over the next five years.

Over 30 years, the plan is to spend a whopping RM4.71bil in capex and with that kind of investments planned, the country’s oldest port would be turned into one of the most efficient, profitable and competitive ports in the northern region.

Speaking to the media at a briefing yesterday, Seaport Terminal director Datuk Mohd Sidik Shaik Osman said Seaport Terminal had plans to “sweat the assets” to grow the business so that Penang Port would be profitable. Besides, there is also a plan to restructure Penang Port’s debts of RM1.2bil.

“We will deepen the navigation channel according to the needs of the port,” he added.

He said the funding for capex would be sourced from shareholders, internally generated funds and also debt markets but he declined to elaborate on the quantum.

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Article and Image courtesy of The Star Online.