KUALA LUMPUR (March 6): MMC Corp Bhd, through its indirect wholly-owned subsidiary Northport (Malaysia) Bhd, has received a 30-year extension for its concession to operate Northport and Southpoint in Port Klang, Selangor.

Northport's lease on its port concession expired on Nov 30, 2013. On March 28, 2014, however, an interim privatisation agreement was signed between the government, Port Klang Authority (PKA) and Northport, which enabled Northport to continue to manage the port activities until a new privatisation agreement is approved. 

Today, the official privatisation agreement for the extension of the concession was signed between Northport, the government and PKA.

In a statement today, MMC Corp said under the agreement, which is subject to the government's and PKA's terms and conditions, Northport is granted the right and authority to provide and carry out the operation, maintenance, management and control of the port operation in Northport and Southpoint.

"Northport is also granted the right to charge and collect from the port users in relation to the port operation provided and carried out, pursuant to the Privatisation Agreement and the Licence, in accordance with the Port (Privatisation) Act 1990 and Port Authorities Act 1963," the statement added.

In January 2016, MMC Corp, through its wholly-owned subsidiary MMC Port Holdings Sdn Bhd, took over the ownership of Northport. MMC Ports also operates Port of Tanjung Pelepas Sdn Bhd, Johor Port Bhd, Penang Port Sdn Bhd, Tanjung Bruas Port Sdn Bhd, Kontena Nasional Bhd and JP Logistics Sdn Bhd.

Internationally, MMC has an associate stake in Red Sea Gateway Terminal Company Limited, a container port terminal within the Jeddah Islamic Port, Saudi Arabia.

At 3.46pm, MMC Corp shares were down one sen or 0.56% at RM1.79 today, with 141,100 shares done, bringing a market capitalisation of RM5.48 billion.