The port operator, owned by Malaysian tycoon 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 (H2 2025), the people said, asking not to be identified as the process is private.

“MMC could be valued at RM24 billion to RM27 billion.

“Deliberations are ongoing and details such as size, value and timing could change,” the people said.

MMC Port didn’t respond to requests for comment.

Its website reported that the company, part of MMC Corp, runs seven ports along the Strait of Malacca, one of the world’s busiest shipping lanes, and is the biggest such operator in the nation.

“It also operates three cruise terminals,” it stated.

Data compiled by Bloomberg showed that Petronas Chemicals Group Bhd raised nearly RM15 billion in a Malaysian IPO in 2010, while FGV Holdings Bhd and Maxis Bhd both raised over RM10 billion in 2012 and 2009, respectively.

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

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.