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Nikkei Markets

Malaysia Airports gets finance ministry nod to expand Penang terminal

Seeks regulators' approval to fully fund project, also weighs investment options

KUALA LUMPUR (Nikkei Markets) -- Malaysia Airports Holdings said Tuesday it has secured approval from the finance ministry to proceed with the expansion of Penang International Airport, a project that could cost more than one billion ringgit ($241.7 million).

The airport on the northern island -- home to manufacturing facilities of high-tech firms including chipmaker Intel -- has been grappling with overcapacity for more than a year. The island is also a tourist destination, attracting millions of visitors annually to its beaches and shopping malls.

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