The principle source of the experience and expertise available to the Company emerges from the ultimate controlling shareholder of the Company which is Equatorex Sdn Bhd, a special purpose Malaysian based investment entity of the Halim Rasip Holdings Group ("HRH") founded in 1976. HRH began as a mining operation but later diversified into the Oil and Gas sector and in the capacity of promoter/developer/manager undertook the conceptualization, business planning, construction oversight and management of all the processes to design, finance and construct and establish the organization to operate and manage two new ports in Lumut, Perak, Malaysia. The first, Lumut Maritime Terminal commenced operations in 1995 and the second, Lekir Bulk terminal, in 2002. HRH has since disposed of its interest in these ports in 2011. For your information some details of these ports are set hereafter.

LUMUT MARITIME TERMINAL (LMT)

Multipurpose general port that handles dry bulk, liquid bulk, break bulk, general cargoes and containers and included for the development and sale of industrial lots in an industrial park of ablout 336 hectares to port-related industrial activities (liquid storage, refinery, fabricating, manufacturing and processing activities).

LMT DEVELOPMENT HISTORY

1. Subsequent to execution of the Privatization Agreement with the State Government of Perak in February 1993 by HRH, construction of LMT commenced in November 1993 on a turnkey design-build basis.
2. The scope of works included the filling of some 70 acres, a 200m marginal wharf, a 58m marginal barge berth, open and covered storage facilities, appropriate infrastructure and an administrative building for a value for RM 60 million.
3. It was completed in July 1995 and was officially opened on 24 July 1995 by the then Prime Minister of Malaysia, Tun Dr. Mahathir Mohamad in the presence of the then Chief Minister of Perak, Tan Sri Ramli Ngah Talib, many dignitaries, over 12,000 citizens, 4helicopters, 1 float plane, a 100 foot yacht and the 12,000 DWT MV KOTA MAWAR being the first vessel alongside.


4. LMT Project Team (Phase 1)
5. Project Director : Harun Halim Rasip
6. Lead Banker : Bank Bumiputra Malaysia Bhd. for a syndicate of six financial institutions on a non-recourse project finance basis.
7. Contractor : Ipco Contractors Sdn. Bhd.


8. Since 1995 the LMT Terminal has improved and extended its facilities with additional open and covered storage, handling equipment and, in 2001, an extension to the Main Berth of 280m, with depth alongside of 12m ACD, resulting in a total overall straight-line berth length of 500m.


9. LMT Project Team (Phase 2)
10. Project Director : Harun Halim Rasip
11. Funding Provider : International Investment Ltd.
12. Contractor : Leighton Contractors (Malaysia) Sdn. Bhd.


13. Cargoes handled
14. As a multipurpose general port, Lumut Maritime Terminal handles various types of cargoes. The following are the major cargoes handled at Lumut Maritime Terminal: Limestone; Coal; Palm kernel expellers; Palm oil; Petrol products; Cement; and Clinkers.

LMT Description

Nature of Terminal:	Common User Port designed and equipped to handle dry bulk, liquid bulk, containers, all conventional cargo and project cargoes.
Navigable Channel:	Within Dindings River off the Straits of Malacca. Minimum depth= 9m, Maximum depth=12m at high tide.
Berths:	South Berths -Length: 200m , Draft: 10m ACD. North Berths-Length: 280m,Draft: 12m ACD. Barge Berths-Two barges longitudinally moored, Draft: 3.5m ACD

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LEKIR BULK TERMINAL (LBT)

Deep water (20m ACD) highly mechanized dry bulk terminal capable to discharge coal up to 45,000MT per day and able to service Capesize vessels.

LBT DEVELOPMENT HISTORY

1. Consequent to the in-principle indicative approval of the State Government of Perak of the Lekir Coastal Development Project (“Lekir Coastal Project”) in 1996, two companies were formed by HRH to promote, develop and implement the Lekir Coastal Project, which comprised two related developments:


2. 1. Desa Kilat Sdn. Bhd. (“DKSB”)
3. The promotion and development of the Lekir Coastal Project comprising the reclamation of land from the sea in the form of islands and the sale of these islands. Total area available for reclamation was 20,000 acres.



4. 2. Lekir Bulk Terminal Sdn. Bhd. (“LBT”)
5. The promotion and development of a very deep water bulk terminal, complementary in nature to LMT and the Lekir Coastal Project.


6. DKSB commenced reclamation of the First Island (of 325 hectares) in July 1997 in waters of depth 0.5 m to 2.0 m ACD. The scope of works included reclamation of land, slope protection and the construction of a bunded enclosed body of water.


7. The First Island was completed on 31 August 1999, and was handed over to its purchasers, TNB Janamanjung Sdn. Bhd. for the purposes of construction and operation of a coal-fired 2,100 MW Power Station,and LBT, for the purposes of its very deep water bulk terminal, pursuant to Site Acquisition Agreements executed in January 1999.


8. Project Team
9. Project Directors -First Island : Harun Halim Rasip and Ahmad Jauhari Yahya
10. Contractor : Van Oord ACZ


11. LBT executed a Jetty Terminal Usage Agreement with TNB Janamanjung Sdn. Bhd. in August 1999 for the provision of coal unloading and delivery services to the Power Station, thus securing an anchor customer. LBT commenced the construction of Phase I of the dry bulk terminal in May 2000, comprising berths able to accommodate Capemax and Panamax vessels with water depths alongside of 20m ACD, a 2,000m trestle, 2 grab discharge cranes, mechanized handling equipment and controls and appropriate onshore support facilities.


12. In 30 June 2000, LBT achieved financial close with the issue of an RM 445 million Serial Bond rated AA3 by Rating Agency Malaysia Bhd on a non-recourse project finance basis.


13. LBT Project Team (Phase I)
14. Project Director : Harun Halim Rasip
15. Financial Advisors : HSBC Investment Bank Plc
16. Lead Manager : HSBC Bank Malaysia Bhd.
17. Legal Advisors : Wong & Partners
18. Engineering Consultants : GHD Pty Ltd, Australia
19. Contractor : Leighton Contractors (Malaysia) Sdn. Bhd. sub-contractor Koch TransporttechnikGmbH



LBT Description

Nature of Terminal:	Common User Port designed to handle dry bulk and liquid bulk. Gazzetted Customs Port.
Navigable Channel:	Directly off The Straits of Malacca. Minimum Depth 20m at all times.
Berths:	South Berths -Length: 530m , Draft: 20m ACD North Berths-Length: 250m,Draft: 18m ACD
Vessel / Size / Parameters:	Vessels / Maximum 180,000 DWT Barges / Minimum 7,000 DWT

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