MMC Port's US$2bil listing plan shelved: Report

KUALA LUMPUR: MMC Corp Bhd has instructed its advisers to suspend efforts on listing its port business on Bursa Malaysia's Main Market, according to a financial news outlet. This move effectively cancels what could have been one of Malaysia's largest initial public offerings in over a decade, the outlet reported. The news outlet, citing two sources familiar with the situation, said the advisers were directed to cease the listing process due to concerns over the valuation proposed for MMC Port Holdings Bhd.

A source reportedly stated, "I don't think the IPO makes sense in the foreseeable future anyway." Initially planned for the fourth quarter of 2025, the IPO was later delayed to 2026, with bankers increasingly skeptical about the deal proceeding. A June 2025 report estimated the offering could have raised approximately US$2 billion (RM8.5 billion), intended for MMC, which is controlled by Tan Sri Syed Mokhtar Al-Bukhary.

The report also suggested that MMC Port could be valued at over US$10 billion, potentially attracting minority investments from Asian businesses and infrastructure-focused funds. Should a future attempt to list MMC Port be made, it would necessitate a new application and a complete restart of the regulatory process. MMC, MMC Port, and CIMB Investment Bank, the IPO's main adviser, were not available for comment, the outlet stated.

MMC Port manages several ports across Malaysia, including Port of Tanjung Pelepas, Johor Port, Northport, Penang Port, Tanjung Bruas Port, and Andaman Port, as well as three cruise terminals. The company recently appointed Sultan Ahmed bin Sulayem, former DP World chief executive, as its executive chairman.