MMC Corporation Berhad, a business conglomerate with interests in ports and logistics, announced that it has acquired MISC’s stake in port operator NCB Holdings for a purchase price of $66.3m.
NCB Holdings runs container terminals at Northport in Port Klang while MMC already controls the Port of Tanjung Pelepas and Johor Port in Malyasia, as well as the Red Sea Gateway Terminal in Jeddah, Saudi Arabia.
“The acquisition is in line with the initiative of MMC to make further strategic investment in MMC’s core business, i.e. Ports and Logistics division, 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,” MMC stated.
The sale represents part of MISC’s strategy to focus on its core activities, namely tanker shipping.
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