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% of MMC Port Holdings, will sell an up to 30% 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 ($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 $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% to 636.56 million ringgit in 2024 from 701.13 million in 2023, while revenue rose nearly 10% 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. - Reuters
