Syed Mokhtar’s MMC tells bankers to drop port listing
MMC Corporation has officially halted plans for the initial public offering of its port business, MMC Port Holdings. The decision follows concerns over valuation and market conditions, ending what was expected to be one of Malaysia's largest IPOs.
Why it matters
The cancellation of this multi-billion dollar IPO signals a cooling of investor sentiment for major infrastructure listings in the Southeast Asian market.
BURSA SGX Home IPO Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Aug 20): MMC Corporation Bhd has told its advisers to drop work on the Main Market listing of its port business, according to people familiar with the matter.
The development puts an end to a planned initial public offering (IPO) that had been expected to rank among Malaysia’s largest in more than a decade, amid concerns over lofty valuations sought by the owner of MMC Port Holdings Bhd.
Advisers have been instructed to halt the process, two people familiar with the matter told The Edge . “It’s officially off…I don’t think the IPO makes sense in the foreseeable future anyway,” one of the people said.
Any future attempt to list MMC Port, Malaysia’s largest container port operator, will require a fresh application and a complete restart of the regulatory process.
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