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New Straits Times
3 days ago
- Business
- New Straits Times
Malaysia's MMC Port lines up cornerstone investors aiming for October IPO
SINGAPORE: MMC Port Holdings aims to finalise its cornerstone investor lineup as early as August, ahead of a planned listing on Bursa Malaysia in October that could raise over US$1.5 billion, two sources with knowledge of the matter told Reuters. The IPO would be Malaysia's biggest since IHH Healthcare's US$2.1 billion debut in 2012, and Southeast Asia's largest since Indonesian tech firm Bukalapak raised US$1.5 billion in 2021, according to LSEG data. The country's biggest port operator, a wholly owned unit of conglomerate MMC Corp, is in talks with more than 20 potential cornerstone investors, the sources said. Cornerstone investors are typically large institutional funds that commit to buying shares before an IPO opens to the public. A strong lineup is expected to bolster confidence in the offering and lift sentiment in Malaysia's IPO market, which, according to LSEG, raised US$751.2 million in the first half of 2025, up 17.9 per cent from a year earlier. Both domestic and global institutions are involved in the discussions, including BlackRock, UBS Asset Management, Malaysia's largest fund manager Permodalan Nasional Bhd (PNB), and the Employees Provident Fund (EPF), the country's biggest pension fund, the sources said. The sources declined to be named as the information is private and discussions are ongoing. MMC Port and its parent company did not immediately respond to an emailed request for comment on Monday. BlackRock, PNB and EPF also did not immediately respond. UBS declined to comment. Reuters reported in February that MMC Port's IPO could raise more than 6 billion ringgit in the second half of 2025. The company, which operates five ports along the Straits of Malacca, one of the world's busiest shipping lanes, filed a draft prospectus with the Securities Commission Malaysia in late June without specifying the IPO size or timeline. According to the filing, MMC Port posted a 9.2 per cent drop in 2024 net profit to 636.6 million ringgit, despite a nearly 10 per cent rise in revenue to 4.36 billion ringgit. Proceeds from the IPO will go to MMC Corp, which plans to divest up to a 30 per cent stake in its port unit. MMC Port will not receive any funds from the listing. (US$1 = 4.2250 ringgit) (Reporting by Yantoultra Ngui; Editing by Kirsten Donovan)
Yahoo
15-07-2025
- Business
- Yahoo
Bank of England eases capital requirements for midsize banks
LONDON (Reuters) -Britain's central bank confirmed a previously signposted easing of capital requirements for medium-sized lenders on Tuesday, as part of a wider set of reforms aimed at boosting the country's financial sector. The Bank of England increased the minimum asset threshold at which banks have to issue expensive debt known as MREL, so that they can be bailed in if they fail instead of needing taxpayer rescue as happened in the 2008 financial crisis. The BOE set the threshold at 25 billion-40 billion pounds ($87.35 billion), up from a previous 15 billion-25 billion pounds. ($1 = 0.7442 pounds) (Reporting By Lawrence White; Editing by Kirsten Donovan) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
01-06-2025
- Politics
- The Star
Senior Ukrainian military commander tenders resignation over lethal strike on training facility
KYIV (Reuters) -The commander of Ukraine's land forces, one of the most senior positions in the country's armed forces, announced on Sunday that he was tendering his resignation, citing a lethal strike on Ukrainian military training facility. (Reporting by Max Hunder; Editing by Kirsten Donovan)
Yahoo
06-05-2025
- Business
- Yahoo
Exclusive-ADNOC set to gain unconditional EU antitrust nod for Covestro deal, sources say
By Foo Yun Chee BRUSSELS (Reuters) -Abu Dhabi state oil giant ADNOC is set to secure unconditional EU antitrust approval for its 14.7 billion euro ($16.6 billion) takeover of German chemicals company Covestro, two people with direct knowledge of the matter said. The deal, ADNOC's biggest ever, underscores Middle East countries' plans to diversify their investments and reduce dependence on oil amid the global transition to cleaner energy. The European Commission does not see any competition issues because there are no overlaps between the two companies, the people said. The EU competition watchdog, which is scheduled to decide on the deal by May 12, declined to comment. ADNOC, which expects to close the deal in the second half of this year, could not be immediately reached for comment. Covestro, which earlier on Tuesday cut its 2025 core profit expectations, said it does not speculate about regulatory proceedings. "XRG and Covestro are working constructively with all relevant authorities on the FSR, FDI and Merger Control filings. We are confident that all outstanding approvals can be obtained within the long-stop date (02.12.2025)," the company said in an email. Once the deal is completed, XRG - the international investment arm of ADNOC - will become the new majority shareholder in Covestro, which makes plastics and chemicals for the automotive, construction, and engineering sectors. The South African and Indian competition watchdogs have already cleared the deal without demanding remedies. The acquisition is also subject to the EU's Foreign Subsidies Regulation (FSR), where the focus is on unfair foreign aid for companies. The rules aim to rein in unfair competition from non-EU companies subsidised by their governments. ADNOC has yet to seek FSR clearance for the deal. It secured unconditional EU approval last year under the FSR for its acquisition of fertiliser firm Fertiglobe. ($1 = 0.8839 euros) (Reporting by Foo Yun Chee; Editing by Kirsten Donovan and Emelia Sithole-Matarise)
Reuters
06-05-2025
- Business
- Reuters
Exclusive: EU antitrust regulators to okay ADNOC, Covestro deal, sources say
The logo of German chemicals maker Covestro is pictured at its headquarters in the so-called industrial park "Chempark" of the chemical industry in Leverkusen, Germany, September 28, 2023. REUTERS/Wolfgang Rattay/File photo Purchase Licensing Rights , opens new tab Item 1 of 2 The logo of German chemicals maker Covestro is pictured at its headquarters in the so-called industrial park "Chempark" of the chemical industry in Leverkusen, Germany, September 28, 2023. REUTERS/Wolfgang Rattay/File photo BRUSSELS, May 6 (Reuters) - Abu Dhabi state oil giant ADNOC is set to secure unconditional EU antitrust approval for its 14.7 billion euro ($16.6 billion) takeover of German chemicals company Covestro ( , opens new tab , two people with direct knowledge of the matter said. The deal, ADNOC's biggest ever, underscores Middle East countries' plans to diversify their investments and reduce dependence on oil amid the global transition to cleaner energy. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Reporting by Foo Yun Chee; Editing by Kirsten Donovan Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
