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Pelabuhan Tanjung Pelepas Sdn Bhd (PTP)
plans to raise some RM1.5 billion from the sale of
government-guaranteed Islamic bonds, a source close to the company
said.
The company, which owns and operates the port in Johor, has not
finalised the date for the bond sale.
The bonds will have a maturity period of up to 10 years.
PTP, 70 per cent owned by businessman Tan Sri Syed Mokhtar
AlBukhary, plans to make a statement on the issuance by the end of
October.
Reuters reported yesterday that PTP plans to raise between RM1
billion to RM2 billion to fund its expansion, quoting a source.
The report added that the paper will be issued by year-end.
PTP was not available for comments.
PTP chief executive officer Captain Ismail Hashim in August said
the port has ambitious expansion plans to cater for an expected
quadrupling of throughput numbers in the next 20 years.
"Plans have already been developed to cover the growth of the port
for the next 20 years. This will entail further reclamation and
berth construction as well as investment in the latest automated
container handling technology," Ismail said in a posting on the
port's website.
PTP wants to expand the area of its free zone by up to 3.6 million
sq m to provide for the demand generated by the Iskandar Malaysia
development.
PTP has recently completed the expansion of its 11th berth, while
Berth 12 is expected to be ready by year-end.
By then, PTP will have 44 quay cranes and 138 rubber tyre gantry
cranes.
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