KUALA LUMPUR (May 23): Westports Holdings Bhd and Bintulu Port Holdings Bhd were among the top gainers on Bursa Malaysia, following a news report MMC Corp may sell up to a 30% stake in MMC Port Holdings.

Shares of Westports closed at its intra-day high of RM3.82 on Tuesday (May 23), up 14 sen or 3.8%, valuing it at RM13.03 billion. A total of 2.27 million shares were traded.

Bintulu Port’s share price also settled at its intra-day high of RM5.10, after gaining 10 sen or 2%, translating into a market capitalisation of RM2.35 billion. However, only 8,000 shares changed hands throughout the day.

On Monday (May 22), Reuters quoted sources as saying that local tycoon Tan Sri Syed Mokhtar Al-Bukhary was looking at bringing in an investor into MMC Port — a deal that could value the country’s biggest port operator at more than RM12 billion.

It was reported that financial investors and companies have approached MMC Corp about their interest in the port business. The potential sale is also seen as a precursor to a potential MMC Ports listing on Bursa in the next few years.

MMC Ports has seven ports in Malaysia, namely Port of Tanjung Pelepas, Johor Port, Northport, Penang Port, Tanjung Bruas Port, SPT Services and Andaman Port.

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