Local business groups plan to outbid tycoon Syed Mokhtar Al-Bukhari to buy the Penang Port from the federal government with a RM500 million financial layout, informs freemalaysiatoday.com.
The Penang Chinese Chamber of Commerce (PCCC) will form a consortium in a bid to take over Penang Port, says its president Tan Sri Tan Kok Ping.
According to the president the consortium has plans to upgrade and enhance Penang Port facilities and infrastructure.
He said the 220-year-old Penang Port has great historical value.
Tan said the plan to form a consortium was to ensure the sustainability in the management and development of tPenang port and protect the interest of Penangites.
Privatization Decisions will also affect the further development of the port dredging.
Dredging Today Staff, July 26, 2012