MMC Corp Bhd is set to embark on a corporate exercise that will lead to the listing of one of its prized assets - Pelabuhan Tanjung Pelapas Sdn Bhd (Tanjung Pelepas Port or PTP) - subsequent to its privatisation, sources said.
They added that a local banking group has agreed to provide Syed Mokhtar Al-bukhary with the finance for the privatisation of debt-laden MMC Corp, in which he controls a 51.76 percent stake. The second largest shareholder is Amanah Saham Bumiputera with a 20.3 percent equity interest, followed by the Employee Provident Fund with 6.26 percent.
The corporate exercise, which aims to unlock MMC Corp's assets value, could involve the distribution of dividend in specie in the form of PTP shares as part of the offer, sources familiar with the deal said.
Apart from its power generation arm Malakoff Corp Bhd, MMC Corp's 70 percent-owned subsidiary PTP is a potential candidate for an initial public offering exercise. Shipping giant Maersk holds 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 in Johor Baru into a huge entertainment resort with a chain of high-end restaurants and clubs possibly spiced up with slot machines, a source said.
The project, which could be built on at least 18 acres or more near the Malaysia-Singapore causeway, is expected to steal some business from the two casinos in Singapore where costs are much higher.
With a large middle to high-income population expected to settled down in Iskandar Malaysia in the coming years, the project's proximity to the area may well attract a steady flow of foreigners and locals.
The project needs the approval of state and some federal government agencies, including the Ministry of Finance.
"The plan is not expected to face much resistance from the state authorities. The issue could be the federal government," an unidentified source said.
"Berjaya Assets may be looking to transform its Johor waterfront property into a huge entertainment resort," the source said.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. ()