To recap, Suria entered into a conditional share subscription agreement with DP World. We view the collaboration positively as its wholly-owned Sabah Ports stands to gain from DP World’s global expertise and supply chain network. The agreement is anticipated to be completed in 3QFY24, subject to the fulfilment of terms and conditions.

The key catalyst for Suria would be higher port tariffs — unchanged since 1977. The Sabah state cabinet approved the review of tariff rates in 2020, with implemen