Latest news with #RM88.5
The Sun
4 days ago
- Business
- The Sun
Tanco, MBINS refine partnership to accelerate Port Dickson Free Zone development
KUALA LUMPUR: Tanco Land Sdn Bhd (TLSB) and Menteri Besar Negeri Sembilan (Pemerbadanan) (MBINS) have further refined their joint venture (JV) relationship to facilitate the proposed Port Dickson Free Zone (PDFZ) development. Under the new agreement, MBINS will acquire the first 300 acres for RM88.5 million for the JV, supported by advances from Tanco, a move that underscores significant public-private collaboration and commitment to the project. The collaboration provides the JV with value opportunities, including the right to secure additional land at a pre-agreed rate. Tanco Holdings Bhd, through TLSB, announced the signing of a supplemental agreement (SA) with MBINS following earlier announcements on the JV, the incorporation of their vehicle PDFZ Sdn Bhd, and recent reports on MBINS' purchase of the first 300 acres of land. The SA enhances and clarifies the JV relationship and the land acquisition process for the strategically important PDFZ project. Under the SA, MBINS' direct purchase of the first 300-acre parcel of land in Mukim Pasir Panjang, Port Dickson, at RM88.5 million will be undertaken for the JV, with financing supported by advances from Tanco. This arrangement marks a key milestone for the project's accelerated implementation. Negotiations are also underway for MBINS to acquire a second 300-acre parcel, with a commitment to secure the remaining land for the project. The JV will be the exclusive developer for the entire PDFZ. Tanco group managing director Datuk Seri Andrew Tan Jun Suan said: 'This supplemental agreement significantly bolsters our strategic partnership with the Negeri Sembilan government. With clear roles and a streamlined acquisition process, we have laid the foundation to swiftly advance the first phase of the 1,420-acre PDFZ project, aligned with Malaysia's National Physical Plan. 'As a key contributor to the Malaysia Vision Valley 2.0 (MVV 2.0) initiative, this project will complement our Smart AI Container Port (MIDPORT), reinforcing Negeri Sembilan's position as a pivotal hub for logistics, manufacturing and high-value industries. We extend our gratitude to all parties for their collaboration in turning this vision into reality.' On April 24, the National Physical Planning Council designated both MVV 2.0 and MIDPORT as 'National Strategic Priority Projects' under the National Physical Plan, granting streamlined approvals, coordinated government support and priority access to resources. PDFZ, strategically located near Kuala Lumpur International Airport, major expressways and the Straits of Malacca, is set to become an integral part of MVV 2.0, transforming Negeri Sembilan into a globally competitive high-tech industrial and logistics corridor. Together, PDFZ and MIDPORT form a 'twin-engine of growth', aimed at attracting local and foreign investment, generating high-value jobs and driving sustainable economic growth for the state in line with national objectives.
The Star
01-08-2025
- Business
- The Star
Tanco inks supplemental deal with MBINS for Port Dickson Free Zone project
KUALA LUMPUR: Tanco Holdings Bhd , through its indirect subsidiary Tanco Land Sdn Bhd, has signed a supplemental agreement with Menteri Besar Incorporation Negeri Sembilan (MBINS). 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
