MMC Port approaches bidders for potential stake sale: sources

[KUALA LUMPUR] Malaysian tycoon Syed Mokhtar Al-Bukhary’s MMC Port Holdings Sdn has approached prospective bidders for a minority stake in the company, according to people familiar with the matter, after postponing an initial public offering last year.

Malaysia’s biggest port operator has reached out to other Asian businesses and infrastructure-focused funds to gauge preliminary interest in a transaction, the people said, asking not to be identified because the information is private. Syed Mokhtar may seek a valuation of more than US$10 billion for the whole business, the people said.

Considerations are ongoing and no final decisions have been made about pursuing a deal, the people said.

A representative for MMC Port declined to comment.

MMC Port operates seven ports along the Strait of Malacca, one of the world’s busiest shipping lanes, according to its website. It also runs three cruise terminals.

In October, MMC Port postponed what could have been Malaysia’s biggest IPO since 2012. The previous year, Global Infrastructure Partners, now part of BlackRock, shelved a plan to buy up to 49 per cent of the company. BLOOMBERG