Tanco announced that Midports Holdings a 79% owned subsidiary of the Company, had entered into a Memorandum of Understanding with COSCO Shipping Ports Limited to potentially cooperate for the operations and management of its proposed Smart AI Container Port project at Port Dickson, Negeri Sembilan.

Cosco is among the largest shipping companies in the world with its operation base in China, Tanco said the MOU is to facilitate and support its efforts to develop a strategic relationship with a reputable, capable, experienced, and global leading port logistics service provider for the operations and management of the Port Project.

The MOU will not have any effects on the share capital, substantial shareholders' shareholdings, net asset per share, gearing and earnings per share of the Company