KUALA LUMPUR, March 5 Malaysian builder MMC Corp Bhd is expected to defer the $1 billion listing of its power unit Malakoff Bhd to 2015 as the latter waits for one of its power plants to become fully operational, IFR reported on Wednesday, citing sources with knowledge of the deal.
Malakoff last year said the initial public offering (IPO) would be pushed to the first half of 2014 because of major maintenance work at its Tanjung Bin power plant in the southern state of Johor.
Malakoff owns an effective generation capacity of 5,020 megawatts (MW) in Malaysia, with six power stations that run on gas, oil and coal, according to its 2010 annual report. It also has power plants in Jordan, Algeria and Saudi Arabia.
MMC, controlled by reclusive Malaysian tycoon Syed Mokhtar Al-Bukhary, took Malakoff private in a 2006 deal, which valued the company at about $2.6 billion.
CIMB, Credit Suisse, JP Morgan and Maybank are joint global co-ordinators on the IPO, while Bank of America Merrill Lynch, Deutsche Bank, HSBC, Morgan Stanley, Nomura and RHB are bookrunners. (Reporting by S.Anuradha of IFR; Writing by Yantoultra Ngui; Editing by Jeremy Laurence)