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.

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