KUALA LUMPUR (Bernama) -- MMC Corporation Bhd, which holds an effective 20% equity interest in Red Sea Gateway Terminal Company Ltd (RSGT), is selling its 8% direct equity interest in the Jeddah-based container terminal operator for 211.1 million riyals (RM227.6 million).
The company said it had signed separate agreements with Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) and COSCO Shipping Ports Ltd to undertake the proposed disposal, which is subject to the approval of the Saudi Arabian Ports Authority (Mawani) as well as other customary approvals.
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