MOT does not oppose MMC's port stake divestment to foreign entities, says Loke

The Star

The Transport Ministry (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 Anthony Loke.  However, the Transport Minister emphasised the necessity of scrutinising matters related to concessions and the ownership status of this key national asset.   WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00 Can you comment on MMC plan to dispose its stake to New York based investor because it involves the national airways?

00:08 What? Sorry?

00:10 MMC plan to dispose its stake in its port operations to New York based investor.

00:16 Really? I don't know yet. I haven't been informed yet.

00:21 We, the Ministry of Transport, haven't been informed yet.

00:24 So that is a corporate consideration.

00:28 But if it involves concession and so on,

00:32 any changes in stakeholding or shareholding,

00:37 this needs to be informed to the Ministry.

00:39 But do you think it will affect the synergy between ports in Malaysia?

00:44 Because 45% will be sold to overseas buyers.

00:49 The first thing I am concerned about is that we haven't received any information yet.

00:54 This is a corporate decision.

00:58 Secondly, the involvement of overseas companies is not a new thing.

01:02 For example, in PTP. 30% of PTP is owned by MERS.

01:08 So if the concession holders feel there is a synergy,

01:15 they will make a corporate and commercial consideration.

01:25 So this is a reversal.

01:27 As long as it is not against the government's rules, there is no problem.

01:35 The government's rule is that 51% of the main assets must be held by the local companies.

01:42 Okay.

01:43 Okay.

01:44 Thank you.

01:45 [END]

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