Alpha Ocean signs RM360mil deal for tuna port, tourism belt in Kota Kinabalu
The project involves the development of a tuna and deep-sea fishing landing port and a marine tourism and hospitality belt, the company said in a filing with Bursa Malaysia.
It will cover two parcels of land near the city's waterfront, with potential expansion to a nearby 16-acre site. The plan aims to boost both fishing activities and tourism-related infrastructure.
Alpha Ocean and the mayor, representing the Kota Kinabalu City Hall, will set up a special-purpose company to manage the project. Alpha Ocean will hold a 70 per cent stake, while the remaining 30 per cent will be held by the mayor or a nominated entity.
The company will be responsible for funding, development and day-to-day operations.
Under the agreement, Alpha Ocean will receive the rights to operate and maintain the site for 30 years. The concession will be automatically renewed for another 30 years, with the option of a third extension, subject to mutual agreement.
The MoA sets out preliminary terms of cooperation and allows both parties one year to finalise a full joint venture and concession agreement.
Alpha Ocean said the project supports its strategy to diversify into infrastructure while leveraging its seafood industry expertise.
"It will create a sustainable growth platform and expand Alpha Ocean's presence in Kota Kinabalu, contributing to the city's economic development," the company said.
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