ROAD Builder (M) Holdings Bhd yesterday announced that Konsortium Pelabuhan Kemaman Sdn Bhd (KPK), of which it has a 39 per cent interest, has been given a 60-year concession on the privatisation of Kemaman Port's east wharf and the liquid chemical berth.

KPK's other stakeholder is Eastern Pacific Industrial Corp Bhd which holds the remaining 61 per cent interest.

Road Builder told Bursa Malaysia yesterday that the Economic Planning Unit has granted the approval in principle to KPK, a company which was set up to undertake the Kemaman Port privatisation project.

Both Road Builder and Eastern Pacific entered into a shareholders agreement yesterday and agreed that KPK will have an initial authorised share capital of RM25 million and the initial issued and paid-up share capital is RM5 million.

Eastern Pacific will hold 3.05 million shares while Road Builder 1.95 million shares.

Road Builder said the RM1.95 million investment will be funded from its internal funds.