However, the minister said issues concerning concessions and the ownership of the nation’s key assets needed to be scrutinised.

He said the decision to sell equity interest was a corporate matter and it was within the company’s purview.

“I have not been informed of this matter (MMC’s plan to sell its stake), but any change in ownership involving concessions must be reported to the ministry.

“The involvement of foreign entities in the port sector is not new. For instance, Maersk Line holds a 30% stake in Port of Tanjung Pelepas Sdn Bhd,” he said.

Loke said this on the sidelines of the launch of EVlution electric vehicle charging stations here in collaboration with Mastercard and RHB Bank Bhd.

He said corporate exercises were the prerogative of the respective companies, provided they adhere to the government’s policy requiring 51% local ownership in major national assets.

Earlier reports indicated that New York-based investment firm Global Infrastructure Partners had postponed plans to acquire up to 49% of MMC Port Holdings.

MMC Port Holdings is a subsidiary of conglomerate MMC Corp, controlled by prominent corporate figure Syed Mokhtar Al-Bukhary.

Syed Mokhtar was reportedly seeking a valuation of RM15 billion (US$3.2 billion) to RM20 billion for MMC Port Holdings, potentially making it Malaysia’s largest port deal.