The Sarawak administration maintains that the RM1.8 billion valuation of its 48 percent share in Bintulu Port is neither arbitrary nor inflated but reflects the result of intensive negotiations and professional assessments. In a statement today, State Secretary Datuk Amar Jaul Samion affirmed that this figure accurately captures the port’s true worth, based on comprehensive financial modelling and market comparisons conducted by independent advisors.
According to Datuk Amar Jaul, the state engaged well-regarded consultants to determine Bintulu Port’s value using discounted cash-flow methods, benchmarking against similar regional ports and accounting for the port’s historical earnings. “We examined every detail,” he commented. “Each assumption—projected cargo volumes, tariff revisions or operating cost projections—underwent rigorous stress-testing before finalising the valuation.”
Detractors have noted that some comparable ports trade at higher earnings multiples, but Sarawak’s team considered both local market dynamics and the necessity of attracting a partner aligned with the government’s long-term objectives. The negotiations, spanning several months, drew interest from domestic and international entities, enabling Sarawak to leverage competitive tension and secure favourable terms.
Datuk Amar also underscored Bintulu Port’s strategic role as one of Malaysia’s leading LNG export centres and its robust cash flows. Last year the port handled nearly 30 million tonnes of cargo, delivering pre-tax earnings exceeding RM250 million. Retaining a significant equity stake ensures Sarawak continues to share in future growth, including planned berth enhancements and expanded hinterland logistics.
The state government plans to remain actively involved in guiding the port’s evolution post-divestment. “Our goals are two-fold: to free up capital for additional public infrastructure and to partner with an entity that brings international best practices,” Datuk Amar explained. “In doing so, we protect jobs, elevate service standards and secure reliable revenue for Sarawak for years ahead.”
Pending regulatory approval, the deal is expected to close in Q2 next year. Proceeds will be earmarked for priority projects such as rural road upgrades, healthcare centres and educational facilities, in line with Sarawak’s wider development strategy.
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