Latest news with #MMCPortHoldings
Reuters
11 hours ago
- Business
- Reuters
Malaysia's MMC Port lines up cornerstone investors aiming for October IPO, sources say
SINGAPORE, July 28 (Reuters) - MMC Port Holdings aims to finalise its cornerstone investor lineup as early as August, ahead of a planned listing on Bursa Malaysia ( opens new tab in October that could raise over $1.5 billion, two sources with knowledge of the matter told Reuters. The IPO would be Malaysia's biggest since IHH Healthcare's ( opens new tab $2.1 billion debut in 2012, and Southeast Asia's largest since Indonesian tech firm Bukalapak ( opens new tab raised $1.5 billion in 2021, according to LSEG data. The country's biggest port operator, a wholly owned unit of conglomerate MMC Corp, is in talks with more than 20 potential cornerstone investors, the sources said. Cornerstone investors are typically large institutional funds that commit to buying shares before an IPO opens to the public. A strong lineup is expected to bolster confidence in the offering and lift sentiment in Malaysia's IPO market, which, according to LSEG, raised $751.2 million in the first half of 2025, up 17.9% from a year earlier. Both domestic and global institutions are involved in the discussions, including BlackRock (BLK.N), opens new tab, UBS Asset Management, Malaysia's largest fund manager Permodalan Nasional Bhd (PNB), and the Employees Provident Fund (EPF), the country's biggest pension fund, the sources said. The sources declined to be named as the information is private and discussions are ongoing. MMC Port and its parent company did not immediately respond to an emailed request for comment on Monday. BlackRock, PNB and EPF also did not immediately respond. UBS declined to comment. Reuters reported in February that MMC Port's IPO could raise more than 6 billion ringgit in the second half of 2025. The company, which operates five ports along the Straits of Malacca, one of the world's busiest shipping lanes, filed a draft prospectus with the Securities Commission Malaysia in late June without specifying the IPO size or timeline. According to the filing, MMC Port posted a 9.2% drop in 2024 net profit to 636.6 million ringgit, despite a nearly 10% rise in revenue to 4.36 billion ringgit. Proceeds from the IPO will go to MMC Corp, which plans to divest up to a 30% stake in its port unit. MMC Port will not receive any funds from the listing. ($1 = 4.2250 ringgit)
New Straits Times
02-07-2025
- Business
- New Straits Times
MMC Port moves closer to launching Malaysia's biggest IPO in 13 years
SINGAPORE: Port operator MMC Port Holdings moved closer to what could be Malaysia's biggest IPO in 13 years by lodging a draft prospectus with the securities regulator, the regulator's website showed on Wednesday. Parent MMC Corp, which owns 100 per cent of MMC Port Holdings, will sell an up to 30 per cent stake in the port operator in the initial public offering (IPO), the draft prospectus showed. Reuters reported in February that MMC Port's listing could raise more than 6 billion ringgit (US$1.43 billion) as early as the second half of this year, citing two sources with knowledge of the matter. That would make it Malaysia's biggest IPO since private hospital operator IHH Healthcare's US$2.1 billion listing in 2012. MMC Port's IPO offering comprises up to 4.27 billion shares, including 3.99 billion shares for institutional investors and 286.1 million shares for retail, according to the draft prospectus. The draft prospectus did not specify the IPO size or the timetable for its launch. MMC Port did not immediately respond to a request for comment. Its net profit dropped 9.2 per cent to 636.56 million ringgit in 2024 from 701.13 million in 2023, while revenue rose nearly 10 per cent to 4.36 billion ringgit, the draft prospectus showed. MMC Port will not receive any proceeds from the IPO but it is upbeat about its financial strength. "Our board is of the view that our company presently does not require additional equity funding for our business," it said in the draft prospectus.
Business Times
02-07-2025
- Business
- Business Times
MMC Port moves closer to launching Malaysia's biggest IPO in 13 years
[SINGAPORE] Port operator MMC Port Holdings moved closer to what could be Malaysia's biggest initial public offering (IPO) in 13 years by lodging a draft prospectus with the securities regulator, the regulator's website showed on Wednesday (Jul 2). Parent MMC Corporation, which owns 100 per cent of MMC Port Holdings, will sell up to a 30 per cent stake in the port operator in the IPO, the draft prospectus showed. Reuters reported in February that MMC Port's listing could raise more than RM6 billion (S$1.8 billion) as early as the second half of this year, citing two sources with knowledge of the matter. That would make it Malaysia's biggest IPO since private hospital operator IHH Healthcare's US$2.1 billion listing in 2012. MMC Port's IPO offering comprises up to 4.27 billion shares, including 3.99 billion shares for institutional investors and 286.1 million shares for retail, according to the draft prospectus. The draft prospectus did not specify the IPO size or the timetable for its launch. MMC Port did not immediately respond to a request for comment. Its net profit dropped 9.2 per cent to RM636.6 million in 2024 from 701.13 million in 2023, while revenue rose nearly 10 per cent to RM4.4 billion, the draft prospectus showed. MMC Port will not receive any proceeds from the IPO, but it is upbeat about its financial strength. 'Our board is of the view that our company presently does not require additional equity funding for our business,' it said in the draft prospectus. REUTERS
Wall Street Journal
02-07-2025
- Business
- Wall Street Journal
Malaysia's MMC Port Plans to Meet Investors Before Up to $2.0 Billion IPO
Malaysian Port operator MMC Port Holdings will start meeting investors from the Middle East, Europe and the U.S. starting early next week, ahead of an initial public offering to raise up to $2.0 billion, people familiar with the process said. The company aims to fix its cornerstone investors by end-August before launching the IPO to institutional and retail investors, these people said. It plans to list on Malaysia's stock exchange by late in the third quarter or early in the fourth quarter of this year, they said.
Business Times
24-06-2025
- Business
- Business Times
MMC Ports to file for biggest Malaysian IPO since 2012: sources
[KUALA LUMPUR] MMC Port Holdings is pressing ahead with its planned listing in Malaysia, according to people familiar with the matter, in what could be the biggest initial public offering in Kuala Lumpur in more than a decade. 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 US$2 billion in a share sale as soon as September, the people said. The planned listing could value the company at as much as US$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 did not 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 raised more than RM10 billion (S$3 billion) in 2012, according to data compiled by Bloomberg. BLOOMBERG
