The port operator, owned by Malaysian tycoon Tan Sri Syed Mokhtar Al-Bukhary, is working with financial advisers on plans for a first-time share sale that may take place as soon as the second half of 2025, the people said, asking not to be identified as the process is private. MMC could be valued at RM24 billion to RM27 billion, they said.

Deliberations are ongoing and details such as size, value and timing could change, the people said. MMC Port did not respond to requests for comment. 

The company, part of MMC Corp Bhd, runs seven ports along the Straits of Malacca, one of the world’s busiest shipping lanes, and is the biggest such operator in the nation, according to its website. It also operates three cruise terminals. 

Petronas Chemicals Group Bhd (KL:PCHEM) raised nearly RM15 billion in a Malaysian IPO in 2010, while FGV Holdings Bhd (KL:FGV) and Maxis Bhd (KL:MAXIS) both raised over RM10 billion in 2012 and 2009, respectively, data compiled by Bloomberg show. 

Sunway Group is also considering listing its healthcare unit in Kuala Lumpur next year, and South Korea’s OCI Holdings Co Ltd is exploring one for its local polysilicon unit, Bloomberg News has reported. 

MMC had looked into listing the port unit in 2018 and 2020. Global Infrastructure Partners had also been exploring an acquisition of up to 49% of the port operator but shelved the plan earlier this year on valuation concerns. 

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