KUALA LUMPUR: Property cum leisure and resorts company Tanco Holdings Bhd has received the go-ahead from the Ministry of Transport (MOT) to develop a smart AI container port in Negri Sembilan.

Tanco's share price was up 1.6 per cent to 63.5 sen today on the announcement. It was the most actifvely traded stock with 21.3 million shares changing hands.

In October 2023, the company diversified into port operations by setting up a 79 per cent owned subsidiary, Midports Holdings Sdn Bhd.

In a filing with Bursa Malaysia Securities Bhd yesterday, Tanco said Midports had on Jan 15, 2024 received a letter from the Malaysia Marine Department (MMD) notifying that the MOT has no objections to the proposed port project, giving its approval-in-principle, subject to relevant development orders and approvals on environmental impact assessments among others.

Other conditions include appointment of a licensed surveyor to determine the section of the sea required for the jetty or other on-water structures; application for ownership of such sea section by Menteri Besar Incorporated Negeri Sembilan to the state authorities and for the proposed port project to be tabled to National Physical Planning Council via the state government for relevant advice on the development.

Tanco is run by Datuk Seri Andrew Tan Jun Suan, who has been group managing director of since 2015.

He owns a substantial 39.485 interest in company directly and through TJN Capital Sdn Bhd.

Tanco posted a net profit of RM212,000 in the first quarter ended Sep 30, 2023 on RM26.3 million revenue.

https://www.nst.com.my/business/corporate/2024/01/1001796/ministry-transport-gives-tanco-holdings-smart-ai-container-port