Tanco inks supplemental deal with MBINS for Port Dickson Free Zone project
The agreement builds on the earlier joint venture (JV) arrangement between the parties for the proposed development of the Port Dickson Free Zone (PDFZ) project, including the incorporation of their JV vehicle, PDFZ Sdn Bhd, and recent media reports on MBINS's acquisition of the first 121.41 hectares of land.
"This agreement further strengthens and clarifies the JV relationship and the land acquisition process for the development of the strategically important PDFZ project,' Tanco said in a statement today.
Under the agreement, MBINS's direct purchase of the initial 121.41 hectares of land in Mukim Pasir Panjang, Port Dickson, for RM88.5 million, is being undertaken on behalf of the JV, with the financing supported by advances from Tanco.
"This mutually beneficial arrangement reflects strong public-private collaboration and marks a key milestone in accelerating the project's implementation. It also provides a clear framework for future growth.
"MBINS is actively negotiating the acquisition of a second 121.41-hectare parcel, with a commitment to secure the remaining land for the project and to appoint the JV as the exclusive developer of the entire PDFZ,' Tanco added.
Tanco's group managing director, Datuk Seri Andrew Tan Jun Suan, said the agreement significantly strengthens the group's strategic partnership with the Negeri Sembilan state government.
"With clear roles and a streamlined acquisition process, we have laid the foundation to move forward with the first phase of the 574.65-hectare PDFZ project, which aligns with national priorities under the National Physical Plan (NPP).
"As a key contributor to the Malaysian Vision Valley 2.0 initiative, this project will also complement our Smart AI Container Port (MIDPORT), reinforcing Negeri Sembilan's position as a strategic hub for logistics, manufacturing, and high-value industries,' he added. - Bernama
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