MMC Corporation Berhad, which is controlled by Tan Sri Syed Mokhtar Al-Bukhary, is looking to sell a stake in its port business, MMC Port Holdings Sdn Bhd (MMCPH), to an international private equity (PE) infrastructure fund. According to sources, MMC Corp. may sell up to a 49% stake in MMCPH but the price was undetermined at press time.

Reuters had reported earlier that Syed Mokhtar could be looking to value the country's large port operator at more than MYR 12 billion. It is understood that the PE fund is in the process of getting approval to start due diligence on MMCPH and its subsidiaries. According to its website, MMCPH has seven ports in Malaysia: Port of Tanjung Pelepas, Johor Port, Northport, Penang Port, Tanjung Bruas Port, SPT Services and Andaman Port all located along the Strait of Malacca, one of the worldâ s busiest shipping lanes.

A source says US-based Global Infrastructure Partners (GIP), with $100 billion (MYR 466.5 billion) in assets under management, could be the fund interested in taking a stake in MMCPH. The fund would also need to share its due diligence findings with the government, another source says.