MMC Port Holdings Sdn. is considering an initial public offering in Kuala Lumpur that could raise as much as 7 billion ringgit ($2.13 billion), people familiar with the matter said, which would make it the biggest in Malaysia in more than a decade.
The port operator, owned by Malaysian tycoon Syed Mokhtar Al-Bukhary, is working with financial advisers on plans for a first-time share sale that may take place as soon as the second half of 2025, the people said, asking not to be identified as the process is private. MMC could be valued at 24 billion ringgit to 27 billion ringgit, they said.
Deliberations are ongoing and details such as size, value and timing could change, the people said. MMC Port didn’t respond to requests for comment.
The company, part of MMC Corp., runs seven ports along the Straits of Malacca, one of the world’s busiest shipping lanes, and is the biggest such operator in the nation, according to its website. It also operates three cruise terminals.
Petronas Chemicals Group Bhd. raised nearly 15 billion ringgit in a Malaysia IPO in 2010, while FGV Holdings Bhd. and Maxis Bhd. both raised over 10 billion ringgit in 2012 and 2009, respectively, data compiled by Bloomberg show.
Sunway Group is also considering listing its health-care unit in Kuala Lumpur next year, and South Korea’s OCI Holdings Co. is exploring one for its local polysilicon unit, Bloomberg News has reported.
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MMC had looked into listing the port unit in 2018 and 2020. Global Infrastructure Partners had also been exploring an acquisition of up to 49% of the port operator but shelved the plan earlier this year on valuation concerns.
