Tanco Unit Partners With Qingdao Port On Smart AI Container Port In Port Dickson

KUALA LUMPUR, July 14 (Bernama) -- Tanco Holdings Bhd’s unit, Midports Holdings Sdn Bhd (MHSB), has inked a memorandum of understanding (MoU) with SPG Qingdao Port Group Co Ltd (SQPG) for the development of a “Smart AI Container Port” in Port Dickson, Negeri Sembilan, and on potential fundraising activities related to the project.

The MOU allows both parties to explore potential areas of cooperation on a non-exclusive basis, including SQPG's participation in the proposed port project and related fundraising efforts, it said.

“The MOU is to facilitate and support the company’s efforts to establish strategic relationships with reputable, capable, experienced and globally leading parties for participation in the project, as well as in the fundraising efforts. The MOU shall remain in effect for six months commencing from the date of the MoU, until and unless it is determined by the parties entering into a formal agreement, or terminated earlier according to the terms of the MoU, or extended further by mutual written agreement of the parties,” it said in a Bursa Malaysia filing today.

Meanwhile, in a separate filing, Tanco’s indirect unit, Tanco Supplies Sdn Bhd (TSSB) said it has inked a memorandum of agreement (MOA) with Halaman Mantap Sdn Bhd to supply up to four million tons of armour rocks for the reclamation works of the same project by MHSB. It said the MOA requires both parties to finalise the specifications, quantity, pricing, timeline, payment terms and other key details for the supply of armour rocks within four months from the signing date, or a longer period if required.

“The payment period for the armour rocks supply shall be over a period of and/ or shall not exceed four years from the date of the contracts,” it added.

-- BERNAMA