KUALA LUMPUR (March 27): Penang Port Sdn Bhd has yet to complete the disposal of its loss-making ferry business to Prasarana Malaysia Bhd as certain conditions precedent to the completion of the deal between the two parties have yet to be met. Last August, MMC proposed the purchase of a 49% stake in Penang Port from Seaport Terminal for RM200 million. It is also subject to Seaport Terminal or Penang Port obtaining a written approval or confirmation of no objection from the federal government. Penang Port had entered into an agreement with Prasarana for the disposal of the ferry business on Dec 22 last year. (See also: Prasarana said to buy Penang ferry ops)Penang Port is the oldest and longest established port in Malaysia.

Source: The Edge Markets March 27, 2017 13:41 UTC