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LEAP Market-listed Alpha Ocean Resources and Penang Port team up to build a tuna hub

KUALA LUMPUR (Sept 17): LEAP Market-listed tuna supplier Alpha Ocean Resources Bhd (AORSB) has signed a memorandum of understanding (MoU) with Penang Port Sdn Bhd (PPSB) to work together on creating a dedicated tuna landing and processing hub at the Port of Penang.

In a filing with Bursa Malaysia, the company said under the agreement:

• PPSB will provide a suitable area in the port and help AORSB get all necessary permits and approvals.
• AORSB will invest in building, equipping and running the facilities at its own cost.
• Both parties will form a joint committee to coordinate the project, promote Penang as a global tuna hub, attract fishing fleets and partners, and work with authorities to speed up inspections and licensing.

 
The parties agree that the MoU is just an initial plan to guide their cooperation until they finalise a formal agreement, which they aim to sign within two years.

The stock, which is traded on a platform for sophisticated investors, was halted for an hour following the announcement.

This partnership aims to boost Malaysia’s role in the global seafood market and establish Penang as a key regional centre for tuna landing and processing with modern facilities.

In July this year, AORB announced a RM360 million project to upgrade a tuna and deep-sea fishing port and develop maritime tourism and hospitality facilities in Kota Kinabalu, Sabah. AORB signed an agreement with the Kota Kinabalu City Hall mayor and will manage the project for 30 years. – THE EDGE MALAYSIA

 

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