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May 13, 2013 3:24 am
KUALA LUMPUR, May 13 – Malaysian construction and power firm MMC Corp has postponed the share listing of its Malakoff power arm until the first half of next year, citing delays caused by maintenance works.
The stock market listing of Malaysia’s largest independent power producer was expected in the second quarter this year and was estimated to fetch up to $1bn, in what would have been the largest this year.
Malaysia’s listings ranked fifth globally by proceeds raised last year, fetching close to $12bn, but deal flow has slowed in 2013 due to uncertainty over the general elections in the southeast Asian nation.
MMC attributed the delay to maintenance works at one of Malakoff’s power plants and the “potential positive outcome of certain growth opportunities” the power unit is currently pursuing that will increase its power generation capacity, according to local stock exchange statement released late on Friday.
MMC, controlled by tycoon Syed Mokhtar Al-Bukhary, took Malakoff private in a 2006 deal, valuing the company at about $2.6bn.
Malakoff owns a generation capacity of 5,020MW 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.
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