BINTULU Port Holdings Bhd’s wholly owned subsidiary Samalaju Industrial Port Sdn Bhd (SIPSB) has signed long-term sublease agreements with the Samalaju Port Authority covering 347.1 hectares in the Samalaju Industrial Park, Sarawak, to support its port operations.
Under the memorandum of sublease, SIPSB — the designated Approved Port Operator under the Port Authorities Ordinance, 1961 — will construct, operate and maintain port facilities, including buildings, storage tanks and other infrastructure.
The existing sublease for Lot 295, secured in 2017, runs until May 31, 2057, with an option for a 20-year renewal.
The newly signed subleases for Lots 83 and 312, dated Aug 8, 2025, extend through June 30, 2057, also with a 20-year renewal option.
Rental terms feature periodic escalations.
Lot 295’s annual rent will rise from RM2.72 million in 2017 to RM9.10 million in 2056, while Lots 83 and 312 start at RM1.86 million annually for 2025–2028, before rising to RM5.74 million from 2029–2033, with subsequent 10% increases every five years.
SIPSB must also furnish a security deposit equal to six months’ rent.
Bintulu Port said the subleases are vital for SIPSB to discharge its port operator role and are expected to contribute positively to long-term earnings once facilities are fully operational.
The rental obligations will be met via internally generated funds, with no immediate material effect on its share capital, net assets or gearing.