The Malaysian government has allowed transport-to-construction group MMC Corp to talk to foreign parties on the proposed sale of its port in the southern state of Johor. The rest of the port operator is held by Danish shipping and oil group A.P. Møller-Mærsk
MMC Corp said in December that it was in the advanced stages of negotiations sell a minority stake in its port operator unit, Pelabuhuan Tanjung Pelepas Sdn Bhd (PTP). MMC is believed to have received interest for its 70 percent stake in PTP, the operator of the Tanjung Pelepas port in Johor, from local and foreign buyers.
The government had previously barred it from selling the stake to foreigners, viewing the port as a strategic asset.