A change of ownership is under way at Malaysia’s Port of Lumut, with Singapore-based IPCO International Ltd. pulling out. The international developer, turnkey contractor and investor in oil and gas, power, transportation, water and environment and industrial infrastructure said it will sell its entire 40take in Lumut Maritime Terminal Sdn. Bhd. to Halim Rasip Holdings Sdn. Bhd.

A spokesman said the sale is in line with the group’s new strategy to focus on telecommunications, e-business and technology. Halim Rasip is a Malaysian group focusing on shipping and logistics.The other partner in the project is Perbadanan Kemajuan Negeri Perak, which represents the state government of Perak. Lumut lies strategically between the Port Kelang in Kuala Lumpur and Ipoh, an inland port and industrial center on the west coast of peninsular Malaysia. Lumut’s port development is a privatization project by Perak and the first of its kind to have no public sector funding.

The project comprises Lumut Port itself and an associated industrial park, both done by Lumut Maritime Terminal on the build-own-operate-transfer model for a concession period of 20 years. The site is on the Dindings River, which runs into the Malacca Strait, a key international route between east and west.

It operates 24 hours a day year-round and has alongside depths between 7 meters (23 feet) and 9.3 meters 30 feet) at high tide. A designated custom’s port, it has facilities for container, dry bulk, conventional breakbulk and heavy project cargo.

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