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December 10, 2008

Malaysia MMC’ port stake seen up for sale
Transport-to-construction group MMC Corp may sell its stake in a southern Malaysian port to raise funds, Reuters quoted a local daily as saying Wednesday.

MMC has received interest for its 70 percent stake in the Port of Tanjung Pelepas from local and foreign buyers, including Taiwan's Evergreen Marine Corp, the Business Times newspaper said.

"It is understood that one foreign party has even offered to take control of the port," the newspaper quoted one of the sources as saying. MMC was not immediately available for comment.

The rest of the port is held by Danish shipping and oil group A.P. Moller-Maersk, the daily said.

An independent valuer has priced the port at around 9 billion Malaysian ringgit ($2.49 billion), the newspaper said, citing another source.

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