MTT Shipping IPO raises $165m to expand box ship network
Malaysian feeder operator MTT Shipping & Logistics has raised $165m in an IPO that saw ...
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KNIN: CONF CALL CLOSING KNIN: PRICING POWER KNIN: MARKET SHARE GAINS IN ROAD KNIN: AI-RELATED COST INFLATION OUTLOOKKNIN: APEX LOGISTICS IPO UPDATEKNIN: QUESTION TIMEKNIN: 'COST REDUCTION PROGRAMME IS ON TRACK'KNIN: CFO REMARKSKNIN: MONETARY IMPACT FROM AI KNIN: AI UPSIDEKNIN: STRONG ROAD UNIT DELIVERY KNIN: AIR LOGISTICS SHINESKNIN: SEA LOGISTICS PERFORMANCE KNIN: CEO REMARKSKNIN: CONF CALL F: NEW PARTNERSHIP DISCLOSEDDSV: LITTLE CHANGE
PRESS RELEASE
Kuala Lumpur, Malaysia, 02 April 2024: GAC Malaysia has signed a Joint Venture (JV) with Syarikat Uminaca Sdn Bhd, a key provider of manpower and stevedoring services in the region, to bolster its logistics capabilities in the east of the country and support development projects in the Malaysian states of Sarawak and Sabah.
The collaborative partnership will bolster the range of comprehensive project logistics solutions available in East Malaysia, particularly around the country’s growing energy sector. This includes support for various infrastructure projects across Sarawak, such as the Lang Lebah offshore gas field, various Petros projects, and the Sarawak Metro Autonomous Rail Transit (ART) project, as well as developing oil and gas facilities at the Sipitang Oil and Gas Industrial Park (SOGIP) in Sabah.
GAC and Uminaca also offer advanced ship management, integrated logistics, ship agency, marine and technical services to clients in the region. By combining Uminaca’s local knowledge with GAC’s international footprint and expertise, the JV can provide more competitive and cost-effective shipping, logistics and marine services in the key East Malaysia market in the region.
“GAC strategically tie-up with vibrant and dynamic partners to bolster our services in key markets around the world,” says Herman Jorgensen, GAC Malaysia’s Managing Director. “Our collaboration with Uminaca will deliver exceptional value to our clients in East Malaysia.”
Awang Azrulyani, Director of Uminaca adds: “This collaboration with GAC Malaysia marks a pivotal milestone for Uminaca, propelling our ambition to become a logistics leader beyond East Malaysia. With our decade-long expertise in various sectors, including project logistics and oil & gas, combined with GAC’s global presence, we’re poised to expand into new markets and offer comprehensive marine and logistics solutions worldwide. The partnership both enhances our local competitiveness and unlocks doors to larger-scale projects, fostering growth and development for our company.”
This JV is the latest step in GAC’s growing presence in Malaysia and the wider region. In August last year, the company opened its 14th official office in Malaysia, in Kota Kinabalu, to provide shipping and logistics services to the marine and energy sectors. GAC also plans to open new offices in Kuantan and Yan as the country continues to develop its energy sector and becomes a larger player in global trade.
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