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Quick gain for Syed Mokhtar Albukhary from sale of Penang Port to MMC Corp

Jose Barrock
Jose Barrock7/10/2017 08:00 AM GMT+08  • 4 min read
Quick gain for Syed Mokhtar Albukhary from sale of Penang Port to MMC Corp
(July 10): A back-of-the-envelope calculation shows that business tycoon Syed Mokhtar Albukhary may have made at least a cool RM210 million ($67.6 million) flipping Penang Port from his private outfit Seaport Terminal (Johore) to his listed flagship MMC C
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(July 10): A back-of-the-envelope calculation shows that business tycoon Syed Mokhtar Albukhary may have made at least a cool RM210 million ($67.6 million) flipping Penang Port from his private outfit Seaport Terminal (Johore) to his listed flagship MMC Corp.

To be clear, Seaport Terminal is MMC’s largest shareholder, controlling 51.75% of the publicly traded company. This means the sale is a related-party transaction.

To recap, Seaport Terminal acquired Penang Port for RM170 million in a restricted tender process in early 2014, beating four other bidders.

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