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MMC Corp. Bhd. (2194.KU), a Malaysian
construction and power company, Friday said the listing of its unit Gas Malaysia
Sdn. Bhd. is expected to take place in the second quarter of 2012 because it has
yet to comply with conditions imposed by regulators.
This is the
company's second delay following plans for a listing by the final quarter of
2011. The company subsequently delayed the listing to the first quarter of this
year.
MMC didn't specify the conditions that Gas Malaysia has to meet
prior to the initial public offering.
MMC has a 41.8% stake in natural
gas supplier Gas Malaysia but its stake would be trimmed to 30.93% after the
listing.
Gas distributor Petronas Gas Bhd. (6033.KU), which is a unit of
Malaysian state oil company Petroliam Nasional Bhd., holds a 20% stake.
Shapadu
Holdings, partly owned by MMC, holds a 13.2% stake,
while Tokyo Gas-Mitsui &
Co. Holdings Sdn. Bhd., which is a joint venture between Japan's Tokyo Gas Co.
(9531.TO) and Mitsui & Co. (8031.TO), holds a 25% stake.
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