MMC Ports is said to file for biggest Malaysian IPO since 2012
The port operator, owned by Malaysian tycoon Syed Mokhtar Al-Bukhary, has confidentially filed listing documents with regulators and is awaiting approval to post a draft prospectus, the people said, asking not to be identified because the process is private.
MMC Ports could seek to raise about $2 billion in a share sale as soon as September, the people said. The planned listing could value the company at as much as $7 billion, some of the people said.
Considerations are ongoing and details including size and timing may change, the people said, adding that MMC Ports could also decide against an IPO.
Representatives for MMC Ports and parent MMC Corp. didn't immediately respond to requests seeking comment.
Bloomberg News reported in October that MMC Ports was working with financial advisers on an IPO plan.
The company runs seven ports along the Straits of Malacca, one of the world's busiest shipping lanes, and is the biggest such operator in Malaysia, according to its website. It also operates three cruise terminals.
The potential IPO could be the biggest since plantation group FGV Holdings Bhd . raised more than 10 billion ringgit ($2.4 billion) in 2012, according to data compiled by Bloomberg. - Bloomberg
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
23 minutes ago
- The Star
Easy to subscribe, hard to cancel
In today's digital economy, subscribing to a service takes only seconds. But cancelling it can take hours, repeated calls, or, in some cases, a change of credit card to stop the charges. The National Consumer Complaints Centre (NCCC) has received a growing number of complaints from Malaysian consumers who feel trapped in unwanted subscriptions, as they are unable to cancel services without facing unnecessary delays, penalties or complicated processes. From streaming platforms and online apps to gym memberships, telecom plans, and prepaid service packages, consumers are reporting a pattern: signing up is simple, but unsubscribing is frustratingly difficult. These practices – whether designed intentionally or by inertia – unfairly tilt the marketplace in favour of businesses, often at the expense of consumer rights and financial well-being. In many cases, consumers unknowingly commit to long-term contracts through 'free trials' that automatically convert into paid plans. Others face high exit penalties for trying to leave gym or telco contracts, even when the service no longer meets their needs. Worse, some digital platforms bury the cancellation button deep within account settings, or force users to call a hotline to quit a service they joined online. These tactics, commonly referred to as 'dark patterns', are designed to delay or discourage cancellation. A Southeast Asian survey found that 69% of Malaysian consumers are frustrated because they can't pause or stop subscriptions when needed, while 41% admitted to still paying for services they had forgotten about. In short, many Malaysians are losing money on services they do not want, do not use, or cannot easily cancel. While Malaysia's Consumer Protection Act 1999 (CPA) provides some safeguards, particularly for prepaid 'future services' such as gym or tuition packages, these do not extend to digital, auto-renewing, or monthly subscriptions. Telecommunications contracts are another grey area. Under current practice, companies are permitted to set their penalties for early termination, with little room for negotiation. This puts consumers in a difficult position: either tolerate poor service or pay a hefty sum to escape. Currently, there is no standard policy requiring service providers to release customers without penalty in cases of unresolved service failures. NCCC believes it is time for Malaysia to strengthen consumer protections in this space. We urge the relevant ministries and agencies to consider: 1. A 'Click-to-Cancel' Requirement: Any service that allows online sign-up should also allow simple online cancellation, with no hidden steps, excessive confirmations, or required phone calls. 2. A Cooling-Off Period: Introduce a standard 14-day cooling-off period for all subscription contracts, especially those entered into online or by phone. This allows consumers to cancel without penalty if they change their mind or realise they were misled. 3. Regulation of Auto-Renewals: Require explicit, informed consent before any automatic renewal of a subscription. Reminders should be sent at least 7 days before renewal, allowing consumers to opt out easily. 4. Limits on Early Termination Penalties: For longer-term contracts (e.g. gym, broadband), establish reasonable limits on early exit fees, especially when consumers cancel due to poor service. 5. Guidelines Against Dark Patterns: Ban manipulative cancellation designs and require businesses to be transparent and fair in their subscription models. 6. Public Awareness Campaigns: Many consumers are unaware of their existing rights under the CPA, especially regarding refunds for unused prepaid services. Greater outreach and education are needed. These steps are not radical. They reflect a growing global consensus that subscription-based services must be fair, transparent, and respectful of consumer choice. Let's make it easier for Malaysians to manage their commitments, avoid financial loss, and participate in a digital economy that respects their rights. Starting a subscription should take seconds, ending it should, too. Saral James Maniam Senior Manager of National Consumer Complaints Centre (NCCC)
The Star
23 minutes ago
- The Star
TNB assessing effect of tax ruling, says it will not affect performance
Petaling Jaya: Tenaga Nasional Bhd (TNB) is assuring Malaysians that its focus remains on its core mission and long-term priorities, with prudent financial management and consistent cash flow underpinning its operations. The national utility titan has been in the limelight this month, especially after the Federal Court ruling on July 2, in favour of the Inland Revenue Board (IRB) in TNB's 2018 tax dispute. The court decided that TNB should have applied for an investment allowance under Schedule 7B of the of the Income Tax Act 1967 rather than the reinvestment allowance under Schedule 7A. The technicality has significant implications for TNB's outstanding tax cases for other years, with total outstanding tax disputes being estimated at RM5.05bil, which represents about 6% of the group's market capitalisation. The High Court has granted leave to TNB, through its subsidiary TNB Western Energy Bhd, to commence a judicial review against the Inland Revenue Board (IRB) in relation to a tax assessment totalling RM291.6mil for 2018. In a filing to Bursa Malaysia on July 22, TNB said it was also granted an interim stay of all further proceedings, including the enforcement of the assessment notice. The High Court has scheduled case management on Aug 5. In light of the saga, TNB emphasised its robust financial strength and operational stability, underpinned by a strong regulated business framework, consistent cash flows, and prudent financial management. 'We remain steadfast in delivering reliable electricity supply to the nation while navigating evolving operational and financial landscapes. 'Guided by prudent management and a clear strategic direction, TNB continues to strengthen its fundamentals to weather challenges and drive Malaysia's energy transition agenda forward,' it says. In addition, it reveals it is continuing its pursuit of legitimate tax claims, which interestingly still includes the Investment allowance under Schedule 7B of the Income Tax Act 1967, as part of its strategy to manage the RM5.05bil tax bill. Acknowledging the effect of the hefty tax bill, the group is still in the midst of assessing the full financial implications of the Federal Court's ruling. This is all the more relevant, given TNB's profitable performance, which has ranged from RM600mil to RM1.2bil in the last five years, with the group recognising that the decision of the Federal Court could have a potential negative impact on its earnings and net assets for this year (FY25). Most importantly for the Malaysian public though, TNB stresses there is no reason for the ruling to affect the group's operational performance. 'We remain focused on delivering reliable electricity supply, advancing our long-term strategic priorities, including supporting Malaysia's energy transition, and managing our financial position responsibly. 'TNB continues to invest in Malaysia's energy future, with major projects under the National Energy Transition Roadmap (NETR) to deliver over 3,000MW of renewable energy capacity by 2040.' Furthermore, it said the tax bill is manageable relative to its cash reserves, minimising the risk to dividend payouts. Already shifting its focus to brighter scenes, the group said that it plays a pivotal role in enabling Malaysia's energy transition and supporting the goals outlined in the NETR. Its focus from this year to 2027 is on strengthening and modernising the National Grid, which TNB views as a critical enabler of the energy transition, particularly in supporting the higher renewable energy (RE) penetration targeted under the NETR. 'We are increasing our capital expenditure, with RM42.8bil approved to ensure our grid is reliable, resilient, and flexible enough to accommodate higher RE penetration and evolving energy demands, because we believe there is no transition without transmission.' Crucially, TNB has largely remained in the good books of analysts, with a handful of research houses keeping it among their 'buy' recommendations, including CIMB Research, Kenanga Research and Maybank Investment Bank Research. Nevertheless, CIMB Research, in its latest report on the utility company this month, conceded that more clarification from TNB regarding the potential financial impact from the IRB ruling, which some investors believe will only be clarified when the company releases its financial results for December. Specifically, the research house said it would find out how much of the IRB's cumulative notices of additional assessment may be offset by claiming for investment allowance under Schedule 7B, although it observed that TNB is currently still trading at a reasonable forecast enterprise value over earnings before interest, taxes, depreciation and amortisation of 7.6 times and offers decent FY25 to FY27 dividend yields of 3.1% to 3.8%.
The Star
7 hours ago
- The Star
Semiconductor firms tread cautiously
THE potential 25% tariff imposed by the US government is of significant concern for Malaysian semiconductor companies. These firms, which are crucial to the global supply chain, contributed RM575bil in exports in 2024. Industry players are now navigating this uncertainty with heightened caution.
