MMC Corp, the operators of two key ports in Malaysia, has moved to takeover another one. MMC is increasing its stake in NCB Holdings, following overwhelming shareholder approval today, with a view to taking over the company which controls Northport in Port Klang.
MMC already operates Johor Port and the Port of Tanjung Pelepas. The addition of Northport would leave just Westports, also in Port Klang, as the only major port complex outside of MMC’s control in the Southeast Asian nation.
MMC is also looking at a possible listing of its port operations. It also controls the Red Sea Gateway Terminal in Jeddah, Saudi Arabia.
MMC already owns a 30.13% stake in NCB and will acquire another 53.42% stake from Permodalan Nasional and AmanahRaya Trustees, giving it the right to force a mandatory general offer for the remaining shares in NCB.