Malaysia’s MMC Corp is proceeding with its planned initial public offering, though local media reports indicate potential delays.
The company intends to offer 4.27 billion shares representing a 30% ownership stake, targeting approximately US$ 2 billion in proceeds.
MMC, which was previously publicly traded until 2021, maintains a 70% stake in Port of Tanjung Pelepas and full ownership of Penang Port, Johor Port, Northport at Port Kelang, and the multipurpose Tanjung Bruas facility.
These terminals collectively possess a combined gross capacity of 21.1 million TEU (unadjusted for equity holdings) and processed 15.9 million TEU in 2024.
MMC also maintains a 12% effective interest in Red Sea Gateway Terminal located in Jeddah, Saudi Arabia.
Separately, Port of Tanjung Pelepas took delivery of three new ultra-large container vessel-capable ship-to-shore cranes from Sany Marine Heavy Industry during early August.
Upon completion of all outstanding Sany orders, the terminal will operate fifteen such crane units.
