/Reuters Agency
Malaysia’s MMC Port Holdings has decided to postpone its initial public offering (IPO), planned for next year, in order to include the full 2025 financial results, according to two sources with knowledge of the matter who spoke to Reuters.
The listing, which was initially scheduled for the fourth quarter of 2025, could raise more than $1.5 billion, making it the largest IPO since the $2.1 billion debut of IHH Healthcare in 2012, and would provide a potential boost for the local capital market.
The company is reevaluating the timing of the listing to allow for more complete financial disclosure, including the 2025 results, and to reflect recent developments in the industry and its operations, the sources indicated.
The new timeline is expected to be communicated in a timely manner, they added. The decision was made despite strong investor interest in the offering, one of the informants pointed out.
MMC Port did not immediately respond to a request for comment sent via email. The company obtained regulatory approval in September to list on Bursa Malaysia.
Its initial public offering (IPO) will consist of a sale offer of up to 4.3 billion existing shares, representing approximately 30% of its issued share capital of about 14.2 billion shares, by its sole shareholder, MMC Corp, according to the draft prospectus.
No new shares will be issued, meaning the port company will not receive any proceeds from the listing. MMC Corp, which was privatized in 2021 by Malaysian businessman Syed Mokhtar Al-Bukhary, will retain a 70% stake after the IPO.
MMC Port is Malaysia’s largest port operator, with five ports along the Strait of Malacca and three cruise terminals, according to the draft prospectus. It also has a solid products terminal and offers ship-to-ship (STS) transfer services.
In 2024, MMC Port recorded a net profit of 636.6 million ringgit ($151.10 million) on revenue of 4.36 billion ringgit, according to the draft prospectus.
