By Yantoultra Ngui
SINGAPORE (Reuters) -Malaysia’s MMC Port Holdings has decided to postpone its planned initial public offering to next year so that it can include its full-year 2025 financial results, two sources with knowledge of the matter told Reuters on Tuesday.
The listing, initially targeted for the fourth quarter of 2025, could raise more than $1.5 billion, making it the biggest IPO since IHH Healthcare’s $2.1 billion debut in 2012 and providing a potential boost for the domestic capital market.
The company is reassessing the timing of the listing to allow for more comprehensive financial disclosures, including the 2025 results, and to reflect recent developments in the industry and its operations, according to the sources. The sources declined to be named as the information was not public.
A revised timeline is expected to be communicated in due course, the sources added.
The decision comes despite healthy investor interest in the offering, one of the sources said.
MMC Port did not immediately respond to an emailed request seeking comment on Tuesday.
The company secured regulatory approval in September to list on Bursa Malaysia.
Its IPO will comprise an offer for sale of up to 4.3 billion existing shares, or about 30% of its issued share capital of roughly 14.2 billion shares, by its sole shareholder MMC Corp, according to the draft prospectus.
No new shares will be issued, meaning the port company will not receive proceeds from the listing.
MMC Corp, which was taken private in 2021 by Malaysian businessman Syed Mokhtar Al-Bukhary, will retain a 70% stake after the listing.
MMC Port is Malaysia’s largest port operator with five ports along the Strait of Malacca, and three cruise terminals, according to its draft prospectus. It also has a solid product jetty terminal and provides ship-to-ship transfer services.
For 2024, MMC Port posted a net profit of 636.6 million ringgit ($151.10 million) on revenue of 4.36 billion ringgit, the draft prospectus showed.
($1 = 4.2130 ringgit)
(Reporting by Yantoultra NguiEditing by Shri Navaratnam and Kate Mayberry)
