KUALA LUMPUR: MMC Corporation Bhd’s proposal to acquire a 20 per cent stake in Sabah Ports Sdn Bhd through its wholly-owned unit, Suria Capital Holdings Bhd, was rejected by Sabah’s State Economic Planning Unit.
In a filing to Bursa Malaysia today, MMC said the unit had informed the company of its decision via a letter.
On April 6, Suria Capital Holdings Bhd said it was no longer pursuing the proposed disposal of Sabah Ports Sdn Bhd (SPSB) to MMC Corp Bhd’s wholly-owned unit, MMC Ports Holding Sdn Bhd.
Suria Capital said SPSB would remain as its wholly-owned unit.
Sabah government’s investment arm, Warisan Harta Sabah Sdn Bhd, was reported to have control of 45.4 per cent of Suria Capital, followed by Yayasan Sabah Group (3.67 per cent) and the Sabah Chief Minister holds 1.66 per cent.
Altogether, the state holds a 50.37 per cent stake in Suria Capital.
Sabah Ports has a 30-year concession, which commenced in 2004, to manage and operate eight ports in the state.