KUALA LUMPUR (July 13): Tanco Holdings Bhd (KL:TANCO) said its proposed smart AI container port in Port Dickson has secured approvals for its building, earthworks, road and drainage, and street lighting plans.

The approvals were issued by the Port Dickson Municipal Council (MPPD) to the company’s 79%-owned subsidiary Midports Holdings Sdn Bhd (MHSB), Tanco said in a filing with Bursa Malaysia on Monday.

The latest approvals follow MPPD’s approval of MHSB’s planning permission application, which the company announced in March this year.

Before that, MHSB had in October 2024 obtained approval from the Malaysia Marine Department to proceed with all marine activities and the construction of the proposed smart AI container port.

The proposed port will be developed on a 480-acre land bank in Port Dickson with natural deepwater access exceeding 21 metres, enabling it to accommodate large container vessels. The project is said to be designed to incorporate artificial intelligence-driven automation, smart logistics and green port technologies.

Last December, MHSB appointed Hong Kong-based Ocean Bridge International Ports Management Co Ltd as the proposed operator of the terminal under a long-term operational management agreement, while ownership of the terminal assets will remain with the company.

Earlier that month, Tanco named CCCC Dredging Southeast Asia Sdn Bhd, a unit of China Communications Construction Company (CCCC), as the proposed engineering, procurement and construction contractor for the port’s sea component under a framework carrying a maximum indicative value of RM3.53 billion.

Shares in Tanco rose 4.5 sen or 23.1% to close at 24 sen on Monday, valuing the company at RM1.47 billion. The counter is down nearly 80% year to date.