OTHERS ACQUISITION OF SHARES IN SWETTENHAM PIER CRUISE TERMINAL SDN BHD ("SPCTSB") BY PENANG PORT SDN BHD ("PPSB")

MMC CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
ACQUISITION OF SHARES IN SWETTENHAM PIER CRUISE TERMINAL SDN BHD ("SPCTSB") BY PENANG PORT SDN BHD ("PPSB")

MMC Corporation Berhad (“MMC”) wishes to announce that PPSB, a wholly-owned subsidiary of MMC Port Holdings Sdn Bhd (“MMC Port”), which in turn is a wholly-owned subsidiary of MMC, has today acquired 6 ordinary shares in SPCTSB (“SPCTSB Shares”) for a cash consideration of RM6 (“Acquisition”), representing 60% of equity interest in SPCTSB. The remaining 4 SPCTSB Shares representing 40% of equity interest in SPCTSB was acquired by RCL Development Holdings (Penang) Sdn Bhd (“RCL”), an indirect wholly-owned subsidiary of Royal Caribbean Cruises Ltd, a company incorporated under the laws of Liberia.

SPCTSB, a joint venture company between PPSB and RCL, was incorporated in Malaysia on 17 July 2018 under the Companies Act, 2016. The current issued and paid-up share capital of SPCTSB is RM10 divided into 10 ordinary shares. SPCTSB intends to undertake the development, operation, management and maintenance of the Swettenham Pier Cruise Terminal on the island of Penang, Malaysia.

As a result of the Acquisition, SPCTSB is now a 60% subsidiary of PPSB.

The Acquisition is not expected to have any material effect on the earnings, net assets and gearing of MMC Group for the financial year ending 31 December 2018.

None of the Directors and/or major shareholders of MMC, and/or persons connected with them has any interest, direct or indirect, in the Acquisition.

This announcement is dated 6 September 2018.






Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 06 Sep 2018
Category General Announcement for PLC
Reference Number GA1-06092018-00014