{
  "id": 2302325,
  "title": "Malaysian billionaire Syed Mokhtar Albukhary’s MMC Corp reportedly shelves port IPO",
  "url": "https://urgent.news/2026/08/21/malaysian-billionaire-syed-mokhtar-albukharys-mmc-corp-reportedly",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-21T04:50:21.000Z",
  "source": {
    "name": "VnExpress Business",
    "slug": "vnexpress-business",
    "url": "https://e.vnexpress.net/news/business/companies/malaysian-billionaire-syed-mokhtar-albukhary-s-mmc-corp-reportedly-shelves-port-ipo-5111318.html"
  },
  "original_language": "en",
  "account": "Malaysian billionaire Syed Mokhtar Albukhary's MMC Corp has reportedly halted the initial public offering (IPO) of its MMC Port, according to The Edge. Two sources familiar with the situation told the news outlet that the IPO does not seem feasible in the near future. MMC Port, Malaysia's largest container port operator, had initially unveiled the IPO last June, gaining regulatory approval in September. However, the listing was delayed to 2026 as the company aimed to include its full-year results to enhance the valuation. The IPO could have potentially raised around US$2 billion through a share sale, valuing the firm at up to $7 billion and potentially becoming the biggest IPO in Malaysia since 2012. Following the appointment of Sultan Ahmed Bin Sulayem as executive chairman last month, Syed Mokhtar faced criticism from civil society groups due to Bin Sulayem's ties to Jeffrey Epstein, a convicted sex offender. MMC Port operates six ports and three cruise terminals across Malaysia, reporting a net profit of RM761.12 million (US$188 million) on revenue of RM4.36 billion for the financial year ending Dec. 31, 2024. The company's total assets and liabilities stood at RM15.36 billion and RM9.56 billion, respectively, at the end of that year. Syed Mokhtar, ranked as Malaysia's 10th-richest person by Forbes with a net worth of US$3.5 billion, is also reportedly seeking an IPO for his property development joint venture, WM Senibong, which could raise up to RM500 million and value the company at RM2 billion.",
  "summary": "Billionaire Syed Mokhtar Albukhary’s flagship MMC Corporation has reportedly instructed its advisers to stop working on the planned initial public offering of its port business, MMC Port Holdings.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "VnExpress Business",
        "title": "Singapore’s CapitaLand, Malaysian billionaire brothers’ IOI Properties reportedly near $1.9B deal to buy one of city-state’s tallest towers",
        "url": "https://urgent.news/2026/08/21/singapores-capitaland-malaysian-billionaire-brothers-ioi-properties",
        "published": "2026-08-21T04:50:01.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}