Bintulu Port Holdings Berhad is planning to raise RM 399 million through the sale of 60 million shares to Equisar Assets Sendirian Berhad in a private placement. These proceeds will be used to fund the company’s port projects, particularly the expansion of Samalaju port as part of the Sarawak Corridor of Renewable Energy project. Equisar Assets is a wholly owned unit of Malaysia’s state-run financial management services provider State Financial Secretary of Sarawak. The share issue, priced at RM 6.65 apiece, represents 15 per cent of the issued and paid-up share capital of the port. The transaction will increase the Sarawak state government’s stake in the port to 39.72 per cent from the current 30.68 per cent. The other major shareholder is Petronas whose stake will decline to 28.52 per cent from 32.79 per cent.