Quick take: MMC rises 6.7% on IPO plan


KUALA LUMPUR: MMC Corp Bhd’s shares rose over 6% in early trade Friday on news of its plan to revive an initial public offering (IPO) plan for its port assets.

The utility and infrastructure group rose 6.71%, or five sen to 79.5 sen with over nine million shares traded.

MMC is reviving an initial public offering plan for its port assets, which could be the biggest listing in the country since 2012, according to people familiar with the matter.

The company, controlled by Tan Sri Syed Mokhtar Al-Bukhary, is seeking to raise about US$1bil (RM4.14bil) from the first-time share sale, the people said, asking not to be identified as the process is private. The firm is in talks with potential advisers and a listing could take place as early as the end of next year, they said.

Deliberations are at an early stage and details of the offering including size and timeline could still change.

At US$1bil, the IPO would be the biggest in Malaysia since Astro Malaysia Holdings Bhd. raised US$1.47bil in 2012, according to data compiled by Bloomberg.

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