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December 14, 2008

Malaysian company in advanced talks on port sale
Transport-to-construction group MMC Corp is in the advanced stages of negotiations sell a minority stake in its port operator unit, reported Reuters.

MMC is believed to have received interest for its 70 percent stake in Pelabuhuan Tanjung Pelepas Sdn Bhd from local and foreign buyers.

"We wish to confirm that negotiations relating to MMC's disposal of a minority stake in Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) have reached an advanced stage and an announcement to the stock exchange will be made once they are finalised," the company said in a statement to the stock exchange.

PTP, the operator of the Tanjung Pelepas port in the southern state of Johor, will remain a subsidiary of MMC following the proposed disposal, it said.

The rest of the port operator is held by Danish shipping and oil group A.P. Moller-Maersk.

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