MMC Ports said its initial public offering will comprise an offer for sale of up to 4.3 billion shares.
PETALING JAYA: MMC Port Holdings Bhd (MMC Ports), Malaysia’s largest container port operator, has secured approval from the Securities Commission for its upcoming listing on the Main Market of Bursa Malaysia.
MMC Ports said in a statement that its initial public offering (IPO) will comprise an offer for sale of up to 4.3 billion shares, representing up to 30% of its issued share capital of approximately 14.2 billion.
Of the 4.3 billion shares, 284.8 million have been earmarked for the Malaysian public while another 1.3 million shares will be made available to the directors of MMC Ports and key senior management of MMC Ports and its subsidiaries.
The remaining balance of up to four billion shares will be allocated to selected Malaysian and foreign institutional investors.
MMC Ports is Malaysia’s largest container port operator and the country’s leading container hub for transshipment and gateway cargo.
MMC Ports chief executive officer Datuk Azman Shah Mohd Yusof said: “Having established ourselves as Malaysia’s largest port operator, we are looking forward to embark on the next phase of our corporate journey as part of our natural progression towards elevating our corporate profile and broadening our visibility among the investment community by tapping into the capital market.
“As Malaysia positions itself as a global transshipment hub, our ports will increasingly play a vital role which will require continued investments to support the nation’s trade and logistics infrastructure.”
Besides being the operator of four of the five largest ports in Malaysia in terms of container throughput last year, two of the companies ports are among South-East Asia’s top seven, Azman Shah said.
“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 along the Strait of Melaka.”
CIMB Investment Bank Bhd is the principal adviser, joint global coordinator, joint bookrunner, sole managing underwriter and joint underwriter for the IPO.
