Utility and infrastructure group MMC Corp is reviving an initial public offering plan for its port assets, which could be the biggest local listing since 2012, Bloomberg reported, quoting people familiar with the matter.
It said the Kuala Lumpur-listed company controlled by tycoon Syed Mokhtar Al-Bukhary is seeking to raise about US$1 billion (RM4.15 billion) from the first-time share sale.
The report, quoting sources who asked not to be identified as the process is private, said MMC is talking to potential advisers and a listing could take place as early as the end of next year.
Deliberations are at an early stage, they said, and details of the offering including size and timeline could still change.
Bloomberg said MMC did not immediately respond to requests for comment.
The report said that according to its website, MMC owns ports including Pelabuhan Tanjung Pelepas and Johor Port in Johor, Northport in Port Klang and Penang Port.
It said MMC’s group managing director Che Khalib Mohamad Noh told reporters in 2017 the company was planning to list its port unit in 2018 or in early 2019.
At US$1 billion, Bloomberg said, the IPO would be the biggest in Malaysia since Astro Malaysia Holdings Bhd raised US$1.47 billion in 2012, according to data it compiled.
MMC Port would be joining Ramsay Sime Darby Health Care Sdn Bhd, credit reporting agency CTOS Holdings Sdn Bhd and glove makers Harps Holdings Sdn Bhd and Smart Glove Corp in considering IPOs in Malaysia next year, Bloomberg said.
It said these potential deals are expected to give a boost to Malaysia’s first-time share sale market, which has hosted US$477 million of IPOs so far this year.
Besides ports, MMC also has controlling interests in the country’s largest independent power producer Malakoff Corp and Gas Malaysia Bhd, according to its website.
Source: Free Malaysia Today