Tanco Holdings Bhd's 79%-owned subsidiary, Midports Holdings Sdn Bhd (MHSB), has signed a memorandum of understanding (MOU) with Hong Kong-listed Cosco Shipping Ports Ltd to explore a partnership for operating and managing its proposed smart AI container port in Port Dickson, Negeri Sembilan.
Strategic Collaboration
The MOU facilitates discussions between the two parties to establish a strategic relationship for the port's operations and management. Cosco Shipping, a globally recognized port logistics provider, is expected to bring its expertise to the project.
“The MOU aims to develop a strategic relationship with a reputable and experienced global leader in port logistics for the operation and management of the port project,” Tanco stated in its Bursa Malaysia filing.
Development Milestones
- June 2024: MHSB signed an earlier MOU with CCCC Dredging (Group) Co Ltd, one of the world's largest dredging firms, to assist in port development.
- January 2024: Malaysia’s Ministry of Transport granted approval-in-principle for the project, pending technical studies and other conditions.
Tanco's Portfolio
Primarily a property developer, Tanco is known for its Bandar Country Homes in Rawang and Duta Vista in Kuala Lumpur. The proposed AI-powered container port represents its venture into strategic infrastructure projects.
Market Performance
Tanco’s shares closed at RM1.69 on Friday, up three sen or 1.81%, giving the group a market capitalization of RM3.64 billion. The stock has soared nearly 190% year-to-date, reflecting strong investor confidence in its growth initiatives.
The collaboration with Cosco Shipping signals significant progress toward realizing the ambitious AI port project, further boosting Tanco’s diversification and market position.
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