MMC Corp: Expect Gas Malaysia Listing By Second Quarter Of 2012

17 Feb 2012

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.