KUALA LUMPUR (March 9): MTT Shipping and Logistics Bhd said CIMB Investment Bank and Affin Hwang Investment Bank have agreed to back its upcoming listing on the Main Market.
The initial public offering (IPO) is targeted for the second quarter of 2026, the container shipping and logistics operator said in a statement on Monday. The underwriting agreement covers the retail portion of the IPO for public investors as well as eligible persons.
The IPO is “an important next defining step” that would allow MTT Shipping to “support the continued expansion of our shipping and logistics network, enhance operational efficiencies and pursue various growth opportunities”, said executive chairman Datuk Seri Ong Kean Lee.
The underwriting agreement follows the Securities Commission Malaysia’s approval in January for the proposed listing of Malaysia’s largest domestic container liner shipping operator based on market share of cabotage volumes between Peninsular Malaysia, East Malaysia and Brunei.
MTT Shipping owns 26 vessels, the largest fleet of Malaysian-flagged container ships, as at Sept 1, 2025.
The company previously said the proceeds from the IPO will be used mainly to acquire additional container vessels as part of its regional expansion strategy.
The plan calls for the acquisition of at least 10 container vessels over the next 36 months to expand its regional network across Southeast Asia, the Indian subcontinent and southern China.
The IPO will comprise an institutional offering of 571 million shares to Malaysian and foreign institutional and selected investors, as well as a retail offering of 62.5 million shares for the Malaysian public and eligible persons.
There will be no offer for sale of existing shares, meaning that current shareholders are not cashing out and all proceeds from the IPO will go to the company for its expansion and operations.
"We are confident that the group is well-positioned to strengthen its leadership in the domestic landscape and continue to scale new heights in its regional expansion," said Nor Masliza Sulaiman, chief executive officer and regional head of investment banking at CIMB Investment Bank.
Affin Hwang Investment Bank is looking forward to supporting MTT Shipping in its next phase of growth, said its chief executive officer Hanif Ghulam.
CIMB Investment Bank is the principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter for the IPO. CLSA is a joint global coordinator and joint bookrunner, while Affin Hwang Investment Bank is a joint bookrunner and joint underwriter.