Straits Energy Resources Berhad has signed a memorandum of understanding with Megah Port Management Sdn Bhd for the Smart Port Project in an effort to transform the Labuan Port into a Smart Port.
In a Bursa filing the company said the Smart Port Project aligns with the Federal Government’s aim to turn Labuan into a smart city by 2030.
Straits expects to invest a total of RM3.6 million into the initial two phases of the Smart Port Project. The first phase is expected to be completed in seven months, while the second phase of the project is expected to take an additional seven months. The Smart Port Project is expected to contribute positively to the Company’s financial performance in the fiscal year ending December 31, 2024 (FY2024).
The Smart Port Project is set to enhance the efficiency of the infrastructure and quality of services provided at Labuan Liberty Port, which is managed and operated by Megah Port Management Sdn Bhd.
Dato’ Sri Ho Kam Choy, Group Managing Director of Straits Energy Resources Berhad, said the Smart Port Project will leverage state-of-the-art technologies, including the Internet of Things (IoT) and Artificial Intelligence (AI) to accelerate the digital transformation of the Labuan Port.
