ASEAN Ports Association Malaysia (MAPA)

1^st March 2007 marked the day when Sabah Ports proved herself worthy of an AA3 (for long-term) and P1 (for short-term) rating by Rating Agency of Malaysia (RAM) to raise an Islamic bond fund of RM150 million that was jointly arranged by MIDF Amanah Investment Bank Berhad, Bank Muamalat Malaysia Berhad and Sabah Development Bank Berhad.

The signing ceremony was held at the Ballroom of the Magellan Sutera Hotel in Kota Kinabalu attended by the Minister of Infrastructure Development, YB. Datuk Raymond Tan Shu Kiah on behalf of the Chief Minister YAB Datuk Seri Musa Aman and a crowd of about 200 guests from the government and various sectors of the business community.

The Minister of Infrastructure Development, YB. Raymond Tan Shu Kiah delivered a very encouraging speech on behalf of the Hon. Chief Minister. It highlighted that the privatization of Sabah Ports Authority’s operation by Suria Capital Holdings Bhd hastened overall development of Sabah’s ports infrastructure and has resulted in better port efficiency and financial performance which is the prime objective of the decision to provide the ports in the first place.

The Honourable Chief Minister also commended that “These are all signs that Sabah Ports is heading in the right direction. Nonetheless, I urge the management team of Suria Capital Holdings Berhad and Sabah Ports Sdn Bhd, under the capable leadership of Datuk Haji Abu Bakar Abas as the Group Managing Director, not to the rest on the laurel but to continuously strive to bring the Company to much greater heights.

In conclusion, YAB. Datuk Seri Musa Aman congratulated Sabah Ports Sdn Bhd and her parent company Suria Capital Holdings Berhad on the occasion of the signing of RM150 million Islamic Securities comprising RM80 million Bai’ Bithaman Ajil Islamic Debts Securities up to RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility.

On the 21^st May 2007, Sapangar Bay Container Port (SBCP) was graced with the visit of the federal Transport Minister Datuk Seri Chan Kong Choy.

Datuk Seri Chan Kong Choy was briefed by Suria Capital Holdings Berhad’ Group Managing Director, Datuk Hj. Abu Bakar Hj. Abas on the current progress of the states newly built container port. It was announced that SBCP was ready for operation on 1^st June 2007 and shifting of the containerization activity from KK port to Sapangar would commence on the mentioned date.

Among the issues that were highlighted in the briefing was the impressive development of the ports in Sabah, in particular Kota Kinabalu port, which had grown in terms of container throughput.

An increase of almost 8.5% was recorded in KK Port from a total of 141 969 teus (in 2005) to 153 793 teus (in 2006) and for the first quarter of 2007, a growth of 20% container throughput was achieved.

In addition, the container rate productivity had significantly increased to 18 boxes an hour and is expected to reach 20 – 22 boxes per hour upon the operation of SBCP. Datuk Seri Chan Kong Choy hailed these improvements as phenomenal and cited the crucial role of crane productivity in terms of faster turnaround time which will attract vessels to SBCP.

Datuk Seri Chan Kong Choy had also mentioned on the need of the ports in East Malaysia to grow and take advantage of the opportunities in the Brunei Indonesia Malaysia Philippines East Asean Growth Area (BIMP EAGA) and for East Malaysian ports to complement each other in this respect.

Among the officials that were in attendance was Sabah’s Deputy Chief Minister cum Infrastructure Development Minister Datuk Raymond Tan Shu Kiah, Assistant Minister to the Chief Minister, Datuk Edward Khoo, Sabah Ports Authority (SPA) Chairman, Datuk Dr Zaki Gusmiah and SPSB Board of Directors and officials.