KUALA LUMPUR (Aug 20): MMC Corporation Bhd has told its advisers to drop work on the Main Market listing of its port business, according to people familiar with the matter.

The development puts an end to a planned initial public offering (IPO) that had been expected to rank among Malaysia’s largest in more than a decade, amid concerns over lofty valuations sought by the owner of MMC Port Holdings Bhd.

Advisers have been instructed to halt the process, two people familiar with the matter told The Edge. “It’s officially off…I don’t think the IPO makes sense in the foreseeable future anyway,” one of the people said.

Any future attempt to list MMC Port, Malaysia’s largest container port operator, will require a fresh application and a complete restart of the regulatory process.

MMC Corporation and MMC Port did not respond to The Edge’s request for comment. CIMB Investment Bank, the IPO’s principal adviser, also did not comment.

The IPO could have raised about US$2 billion (RM8.5 billion), according to a Bloomberg News report in June 2025, all of which would go to MMC Corporation, controlled by Tan Sri Syed Mokhtar Al-Bukhary.

Bloomberg reported in June that other Asian businesses and infrastructure-focused funds have been approached for a minority stake in MMC Port. Syed Mokhtar may seek a valuation of more than US$10 billion for the whole business, according to the report citing unnamed sources.

MMC Port runs the Port of Tanjung Pelepas and the Johor Port in Johor, Northport in Selangor, the Penang Port in Penang, the Tanjung Bruas Port in Melaka and the Andaman Port in Kedah. The company also has three cruise terminals in the country.

The IPO had been initially targeted for the fourth quarter of 2025 before being pushed back to 2026, even as bankers on the deal grew increasingly wary that the share sale would materialise.

Since then, former DP World chief executive officer Sultan Ahmed bin Sulayem has been appointed as executive chairman of MMC Port. Sultan Ahmed stepped down from his role at DP World following revelation of his exchange of emails with convicted American sex offender Jeffrey Epstein.

Transport Minister Anthony Loke said in July that the ministry had not been notified of any change in the port operator’s shareholding. MMC Port’s concession agreements require the company to remain at least 51% Malaysian-owned.

CIMB Investment Bank was the principal adviser, joint global coordinator, joint bookrunner, sole managing underwriter and joint underwriter. HSBC was also the joint global coordinator and joint bookrunner.

AmInvestment Bank, Bank Muamalat Malaysia, CGS International, CLSA, Jefferies, Kenanga Investment Bank, Maybank Investment Bank and RHB Investment Bank were the joint bookrunners.