Malaysian builder MMC Corp Bhd plans to relist its 51 percent owned Malakoff Corp Bhd - the country's largest independent power producer - on the local bourse next year, a company source said.

The relisting of Malakoff could whet investors' appetite for power assets in the Southeast Asian country that have been held for decades by an exclusive club of Malaysian tycoons and government-linked firms.

      

The possible move comes hot on the heels of billionaire Ananda Krishnan selling off his power assets in March just as

the government restructures agreements where these generators pass on fuel costs to end users and enjoy guaranted returns.

      

"We can't give any further details for now as everything's still too premature, but we do have plans for the relisting,"

said the source with knowledge of the deal, adding that banks have not yet been mandated as advisors for the listing.

      

Syed Mokhtar Al-Bukhary, reckoned by Forbes to be Malaysia's seventh-richest person, controls MMC. The reclusive tycoon

recently took ailing national carmaker Proton Holdings private this year.

That is not the only corporate deal by the businessman, who made his first millions in the agriculture sector.

      

MMC is currently in the process of listing its 41.8 percent owned subsidiary Gas Malaysia Bhd, the country's sole supplier

of natural gas to the non-power sector, on the local stock exchange in the second quarter of this year.

      

Gas Malaysia is expected to raise up to RM750 million, making it the fourth largest Malaysian IPO this year after Felda

Global Ventures Holdings Bhd, Integrated Healthcare Holdings Bhd and IGB Corp Bhd 's retail real estate investment

trust.

    

Malakoff officials were not immediately available to comment.

      

Bigger than Ananda's assets?

Malakoff currently owns an effective generation capacity of 5,020 megawatts (MW) in Malaysia, comprising of six power

stations that run on gas, oil and coal, according to its 2010 annual report.

      

That makes Malakoff's assets much bigger than the 3,951 MW power capacity sold off by Malaysian tycoon Ananda Krishnan to

state-owned strategic development firm 1Malaysia Development Bhd for RM8.5 billion in March.

      

MMC first took Malakoff private in 2006 in a privatisation deal worth some RM9.3 billion ($3.06 billion), or 10.35

ringgit per share.

A cash cow, Malakoff recorded revenues of RM5.47 billion in 2010, which almost double the levels seen in the fiscal year ended Aug 31 2006, before it was eventually taken private.

Malakoff also has power plants in Jordan, Algeria and Saudi Arabia.

- Reuters