Dow Jones is reporting Malaysian tycoon Syed Mokhtar Al-Bukary is planning an IPO of his port assets to raise at least $700m in what would be Malaysia’s largest IPO in more than two years.
The plan is to list some of the assets of MMC Corp, which controls a number of Malaysia’s top ports as well as one overseas port in Saudi Arabia.
MMC has yet to confirm the report. It is not the first time the company has been linked to a listing. In December 2013, MMC issued a rebuttal of press reports claiming it planned to list its flagship facility, the Port of Tanjung Pelepas.
Last week MMC moved to snap up 49% of Penang Port for RM200m, further cementing its hegemony of the Malaysian ports scene.
The firm is also involved in real estate and power generation.