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The privatization of ports under the
jurisdiction of Sabah Ports
Authority has advanced further as it
now awaits the final word from the
Federal Economic Planning Unit in
the Prime Ministers' Department.
The company identified by Sabah
government to take over the ports,
Suria Capital Holdings Bhd, has
given its firm commitment to take
over the seven ports that will be
injected into Sabah Ports Sdn Bhd, a
wholly owned company of Suria
Capital Holdings.
To demonstrate its seriousness in
taking over the ports, Suria Capital
Holdings Bhd, has already paid part
of the first payment as required
under the memorandum of
understanding.
Suria Capital Holdings Bhd, the
parent company of Sabah Port Sdn Bhd
(SPSB) has paid RM45 million out of
the first part payment of RM63
million required by the state
government.
"The Sabah Ports privatization
exercise in the final stage and we
should be receiving the approval
from the Federal Economic Planning
unit soon. In fact Suria Capital
beginning to pay State govenment,"
said the recently appointed Sabah
Ports Authority Chairman, Datuk Zaki
Gusmiah.
The Sabah state government through
the state Ministry of Infrastructure
Development approved the RM210
million privatization plan of the
seven ports - Kota Kinabalu,
Sepangar Bay, Sandakan, Tawau, Lahat
Datu, Kudak and Kunak - under the
jurisdiction of Sabah Ports
Authority.
Suria Capital Holdings Bhd, a main
board listed company in the Kuala
Lumpur Stock Exchange (KLSE), will
be settling the remaining deposit of
RM18 million upon execution of the
privatization agreement said the
Aseambankers Malaysia Berhad in its
recent disclosure to the KLSE.
It also said the advance payment of
RM45 million shall be refunded to
Suria Capital with the interest at
the rate of 3.2 per cent per annum
in the event that the privatization
agreement is not executed by the
parties concerned within two months
from the payment of advance deposit.
However, the advance deposit of RM45
million and the balance of the total
payable upon the execution of the
privatisation agreement shall be
refunded to Suria without in the
event that all required approvals
are not obtained in accordance with
the privatization agreement.
The proposed purchase consideration
of RM210 million includes the values
of operations of Sabah ports,
surplus assets and approximately
23.25 acres in vicinity of the Kota
Kinabalu Port land which will lead
out for a 99-year term to Suria
Capital.
Meanwhile, Suria Capital Holdings
Bhd has appointed its Managing
Director , Datuk Ismail Awang Besar
as the Chairman and Managing
Director of the Sabah Ports Sdn Bhd
(SPSB) effective January 10 this
year.
The company (SPSB) will be given
licence to operate, manage, maintain
and provide port operational
facilities and services in the seven
ports under the Sabah Ports over
30-year duration.
SPSB will be also given an option to
renew the licence for a further 30
years period thereafter with terms
and conditions to be mutually agreed
by both parties.
Upon receiving the approval from the
EPU, SPSB will be distributing
option letter to the 700 staff
excluding contract staff of the
seven ports under the jurisdiction
of SPA to become the employee of
SPSB.
It is leant that the Sabah Ports
Authority will be retaining 26 of
the existing staff of SPA to
continue its regulatory role.
Under the privatisation exercise a
golden share in SPSB will be issued
to the Sabah state government.
Upon the expiry of the concession
period, SPSB shall transfer all the
new port structures (immovable) and
movables to SPA in accordance with
BOT terms to be agreed between the
state, SPA and SPSB. |
