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MMC plans to relist Malakoff next year

MMC Corp Bhd plans to relist its 51%-owned Malakoff Corp Bhd, the country’s largest independent power producer, on the local bourse next year, a company source said. The relisting of Malakoff could whet investors’ appetite for power assets in the country that have been held for decades by an exclusive club of Malaysian tycoons and government-linked firms.

The possible move comes hot on the heels of billionaire Ananda Krishnan selling off his power assets in March just as the Government restructures agreements where these generators pass on fuel costs to end users and enjoy guaranteed returns.

‘We can’t give any further details for now as everything’s still too premature, but we do have plans for the relisting,” said the source with knowledge of the deal, adding that banks had not yet been mandated as advisers for the listing. MMC is currently in the process of listing its 41.8%-owned subsidiary Gas Malaysia Bhd, the country’s sole supplier of natural gas to the non-power sector, on the local stock exchange in the second quarter of this year.

Gas Malaysia is expected to raise up to RM750mil, making it the fourth largest Malaysian initial public offering this year after Felda Global Ventures Holdings Bhd, Integrated Healthcare Holdings Bhd and IGB Corp Bhd’s retail real estate investment trust. Malakoff officials were not immediately available to comment.

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