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Syed Mokhtar’s firm likely to be Luster’s technical partner

June 24, 2013

UALA LUMPUR: A company linked to Syed Mokhtar Al Bukhary will possibly be Luster Industries Bhd’s technical partner in the Kuala Muda port development project, says its group managing director Lim See Chea.

He said the tycoon was seen as the best technical partner, given that he already owned Port of Tanjung Pelepas and Johor Port via MMC Corp Bhd.

“Yes, Syed Mokhtar who’s from Kedah and has expertise in port development, is a possible technical partner for the venture (in the Kuala Muda port development project),” he said in an interview.

He said this when asked to comment on the company’s intention to explore the possible development and upgrading of the current Kuala Muda port.

In an announcement to Bursa Malaysia last Thursday, Luster comfirmed its intention to explore any possible development and upgrading of the current Kuala

Muda port but said it had yet to receive confirmation from the Kedah state government.

The company was recently invited by the state government to have a look at the project.

Lim, who owns slightly more than 18% of the company, said Luster was invited because it fitted into several basic criteria, including being a public-listed entity, a Kedah company and had a clean balance sheet.

The Kuala Muda port links the state’s mainland to Langkawi island via a sea route.

It is understood that the development of the port will boost Langkawi, especially in Pulau Rebak, helping it further to become one of the world’s top holiday destinations.

In 2011, DRB-Hicom Bhd, another company controlled by Syed Mokhtar was reported to be drafting plans to turn Pulau Rebak into a holiday magnet for the rich and famous.

The group wants to develop a “boutique” luxury holiday concept there to match the likes of The Residences at W Bali, Bvlgari Residences and Banyan Tree

Ungasan in Bali, Six Senses Private Residences in Vietnam, The Yamu in Phuket, W Residence in Koh Samui and St Regis Saadiyat Island Resort in Abu Dhabi.

– Bernama


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