KUALA LUMPUR (Aug 10): Diversified conglomerate MMC Corp Bhd has confirmed a report by The Edge Malaysia that it is in talks with Sabah-controlled Suria Capital Holdings Bhd to take up a stake in the latter's wholly-owned Sabah Ports Sdn Bhd.

"We wish to clarify that the discussion between MMC and Suria Capital Holdings Bhd with regards to the proposed acquisition of a stake in Sabah Ports Sdn Bhd by MMC Port Holdings Sdn Bhd, a wholly-owned subsidiary of MMC, has taken place.

"However, as at to date, the Board of Directors of MMC has yet to make any firm decision in relation to the same," it told Bursa Malaysia in a filing today.

Similarly, Suria Capital confirmed the talks in a separate Bursa filing.

The Edge Malaysia wrote in its publication for the week of Aug 7-Aug 13, citing sources, that MMC was in talks with Suria Capital to buy a stake in Sabah Ports, but that nothing has been firmed up so far.

Sabah Ports has a 30-year concession, which commenced in 2004, to manage and operate eight ports in the state. They are Kota Kinabalu Port, Sapangar Bay Container Port, Sapangar Bay Oil Terminal and Kudat Port — all located on the West Coast of Sabah — as well as Sandakan Port, Tawau Port, Lahad Datu Port and Kunak Port on the East Coast.

Both MMC and Suria said further announcements will be made if there was any material development in relation to the matter.