One of the hurdles is Syed Mokhtar’s shareholding in another property developer, Eco World Development Group, which also has a footprint in Malaysia’s southern state of Johor. This raises concerns over conflict of interest and has come under the authorities’ scrutiny, according to sources cited by The Edge Malaysia.
The publication also reported that, as part of the authorities’ conditions for the IPO, Syed Mokhtar would be required to grant WM Senibong a right of first refusal over his land bank surrounding the company’s developments in Johor if he decides to sell any of the plots in the future.
Walker Corp is the largest shareholder of WM Senibong with a holding of 43.69%, followed by Syed Mokhtar with 37.82% held through Sigma Senibina.
|
Malaysian tycoon Syed Mokhtar Albukhary talks to Reuters during an interview in Kuala Lumpur on Dec. 9, 2003. Photo by Reuters |
Founded in 2008 and based in Johor, WM Senibong’s portfolio includes several townships in the state, such as Senibong Cove, The Kews, Crest@Austin and Centennial ParcVista, according to its website.
It has a land bank spanning more than 2,000 acres (810 hectares) in southern Malaysia with a projected gross development value of over RM30 billion. It reported net profit of RM98.5 million (US$24 million) on revenue of RM464 million for the financial year ended June 30, 2025.
Bloomberg reported in April that Syed Mokhtar and Walker were considering a listing for WM Senibong that could raise as much as RM500 million and value the firm at RM2 billion.
About a month later, Syed Mokhtar became a substantial shareholder of Eco World after acquiring shares from its former deputy chairman, according to the New Straits Times.
The tycoon was ranked Malaysia’s 10th richest person with an estimated net worth of US$3.5 billion by Forbes in April.
He started out as a rice trader after dropping out of high school and went on to build a fortune, much of it stemming from his holdings in automotive group DRB-HICOM and Malaysia’s largest port operator MMC Corporation.
MMC had planned to go public last year in what could have been Malaysia’s biggest IPO in more than a decade, but opted to delay the listing to include its full-year 2025 financial results, according to Reuters.