KUALA LUMPUR (Feb 3): Ideal United Bintang International Bhd has signed a memorandum of understanding (MoU) with Penang Port Commission to refurbish parts of Swettenham Pier Cruise Terminal (SPCT) in Penang Island.
In a bourse filing today, Ideal said the project is to redesign and refurbish three buildings, namely Godown 5, Godown 7 and Godown 8, located at the six-century-old seafront between the pier and Tanjung City Marina.
"Ideal would refurbish the three Godowns to be converted into a seafront tourist spot lifestyle destination including duty-free shops, F&B outlets, home-grown brands offerings, local made products and gift shops," it said.
Ideal said Phase 1 of the refurbishment of the three buildings is expected to be completed by 2021, with Phase 2 and 3 to follow suit by 2022.
The expansion works of SPCT, it said, will allow the terminal to cater to up to 1.7 million passengers a year from over 500,000 in 2019, and accommodate up to 12,000 passengers at any one time.
It added that the MoU was signed by its wholly-owned sub-subsidiary Solaris Consortium Sdn Bhd.
At noon market break, Ideal shares were 3 sen or 1.62% lower at RM1.82, giving the group a market capitalisation of RM845.88 million.
TOP PICKS BY EDGEPROP
Taman Cheras (Formerly Yulek Heights)
Cheras, Kuala Lumpur
Park Place @ ParkCity
Desa Parkcity, Kuala Lumpur
Park Place @ ParkCity
Desa Parkcity, Kuala Lumpur
Menara HLX (formerly Menara HLA)
KL City Centre, Kuala Lumpur
Menara HLX (formerly Menara HLA)
KL City Centre, Kuala Lumpur
Pavilion Damansara Heights
Bukit Damansara, Kuala Lumpur
TAMAN CASAFABULOSA (HILLTOP 2)
Pantai Barat Selatan, Sabah
S2 HEIGHTS(SEREMBAN 2)
Seremban, Negeri Sembilan
Regent Garden @ Eco Grandeur
Bandar Puncak Alam, Selangor