MMC Corp Bhd is set to embark on a corporate exercise that willlead to the listing of one of its prized assets - PelabuhanTanjung Pelapas Sdn Bhd (Tanjung Pelepas Port or PTP) -subsequent to its privatisation, sources said.
They added that a local banking group has agreed to provideSyed Mokhtar Al-bukhary with the finance for the privatisationof debt-laden MMC Corp, in which he controls a 51.76 percentstake. The second largest shareholder is Amanah Saham Bumiputerawith a 20.3 percent equity interest, followed by the EmployeeProvident Fund with 6.26 percent.
The corporate exercise, which aims to unlock MMC Corp'sassets value, could involve the distribution of dividend inspecie in the form of PTP shares as part of the offer, sourcesfamiliar with the deal said.
Apart from its power generation arm Malakoff Corp Bhd, MMCCorp's 70 percent-owned subsidiary PTP is a potential candidatefor an initial public offering exercise. Shipping giant Maerskholds the remaining 30 percent in PTP.
=============================================================== Berjaya Assets plans entertainment resort in southern Malaysia -The Edge
Berjaya Assets Bhd has big plans to transform its land inJohor Baru into a huge entertainment resort with a chain ofhigh-end restaurants and clubs possibly spiced up with slotmachines, a source said.
The project, which could be built on at least 18 acres ormore near the Malaysia-Singapore causeway, is expected to stealsome business from the two casinos in Singapore where costs aremuch higher.
With a large middle to high-income population expected tosettled down in Iskandar Malaysia in the coming years, theproject's proximity to the area may well attract a steady flowof foreigners and locals.
The project needs the approval of state and some federalgovernment agencies, including the Ministry of Finance.
"The plan is not expected to face much resistance from thestate authorities. The issue could be the federal government,"an unidentified source said.
"Berjaya Assets may be looking to transform its Johorwaterfront property into a huge entertainment resort," thesource said.
NOTE: Reuters has not verified this story and does not vouchfor its accuracy. ()
- Tanjung Pelepas Port