SD Guthrie, Sime Darby Property Ink JV For Carey Island Industrial Hub
KUALA LUMPUR, June 20 (Bernama) -- SD Guthrie Bhd and Sime Darby Property Bhd (SDP) have signed a joint venture agreement to develop up to 809.4 hectares of land in Carey Island, Selangor, aimed at fostering sustainable economic growth and innovation.
In a joint statement today, the companies said the agreement is the culmination of discussions that began in 2023, driven by a shared vision for long-term value creation, which will be formalised through the establishment of a special purpose vehicle (SPV).
It noted that the collaboration is intended to unlock the island’s full potential, transforming it into a leading industrial and logistics hub that will co-exist with the integrated and well-established palm oil business already operating on the island.
“It is also to complement the existing operations at Westport and Northport in Port Klang,” the statement said, adding that both SD Guthrie and SDP are strategic investee companies of Permodalan Nasional Bhd (PNB).
SD Guthrie added that the 809.4-hectare site on Carey Island provides the scalability required for world-class logistics facilities, integrated supply chains, and high-value industrial developments to attract global players and investments.
The port will thus be well-positioned to compete with regional ports in Singapore, Thailand, and Vietnam, giving a boost to Malaysia’s aspirations to become a logistics powerhouse in the region, said the statement.
PNB president and group chief executive Datuk Abdul Rahman Ahmad said the joint venture between SD Guthrie and SDP aligns with national aspirations and the government’s Government-linked Enterprise Activation and Reform Programme (GEAR-uP) initiatives to catalyse domestic investments.
“This collaboration between PNB’s two strategic companies will provide a boost towards the sustainable development of this high-potential area, as well as help further bolster Malaysia’s economic and industrial growth,” he said.
-- BERNAMA