MMC Port Holdings Bhd has received regulatory approval for its proposed listing on Bursa Malaysia’s Main Market.
The company has up to six months to complete its initial public offering (IPO), which will consist entirely of existing shares.
According to The Edge, MMC Port will not receive proceeds from the IPO, as the sale involves shares held by its parent company, MMC Corporation Bhd.
“We are looking forward to embark on the next phase of our corporate journey as part of our natural progression,” said MMC Ports chief executive officer Datuk Azman Shah Mohd Yusof in a statement on Tuesday.
MMC Port, Malaysia’s largest container port operator, manages six major ports nationwide — Port of Tanjung Pelepas, Johor Port, Northport, Penang Port, Tanjung Bruas Port, and Andaman Port — as well as three cruise terminals.
Bloomberg News reported in June that the IPO could raise about US$2 billion (RM8.5 billion), with all proceeds going to MMC Corporation, which is controlled by Tan Sri Syed Mokhtar Al-Bukhary.
MMC Port stated in its July draft prospectus that it does not require additional equity funding and has sufficient working capital until at least June 2026.
“We are already in the midst of expanding our container and conventional cargo-handling capacity, and enhancing our operational efficiency through digitalisation and automation, to meet the growing needs within the Strait of Malacca,” Azman Shah said.
He added that the company is exploring “strategic endeavours and partnerships” to tap into global trade and supply chain shifts.
The IPO will involve up to 30 per cent of MMC Port’s shares, with the final price yet to be determined.
CIMB Investment Bank will serve as principal adviser, joint global coordinator, joint bookrunner, sole managing underwriter, and joint underwriter.
HSBC will act as joint global coordinator and joint bookrunner, alongside AmInvestment Bank, Bank Muamalat Malaysia, CGS International, CLSA, Jefferies, Kenanga Investment Bank, Maybank Investment Bank and RHB Investment Bank.