Bin Sulayem assumes control of Malaysia port group

Sultan Ahmed Bin Sulayem has taken direct charge of MMC Port Holdings following the immediate departure of group chief executive Azman Shah Mohd Yusof, placing Malaysia’s largest port operator under the control of its Emirati executive chairman.

An internal company memorandum dated July 12 instructed employees to direct matters previously handled by the group chief executive to Bin Sulayem’s office. It did not explain Azman Shah’s departure or indicate when a permanent successor would be appointed.

Bin Sulayem said the priority during the leadership transition would be continuity, stability and uninterrupted operations across the group’s ports and logistics businesses. MMC Ports and Azman Shah have not publicly provided further details about the change.

The appointment marks Bin Sulayem’s return to direct operational leadership five months after he resigned as chairman and group chief executive of Dubai-based DP World. He stepped down with immediate effect on February 13, after documents released by the United States Department of Justice disclosed extensive email communications between him and convicted sex offender Jeffrey Epstein.

Bin Sulayem has not been accused of involvement in Epstein’s crimes. He has also not publicly addressed the contents of the correspondence. The disclosures nevertheless generated scrutiny of his position at DP World and prompted several international investment partners to review or suspend planned ventures with the logistics company.

DP World replaced him by appointing Essa Kazim as chairman and Yuvraj Narayan as group chief executive. Bin Sulayem had spent more than two decades building the company into one of the world’s largest port and supply-chain operators, with terminals and logistics assets across six continents.

His new role places him at the centre of Malaysia’s maritime infrastructure at a sensitive stage for MMC Ports. The company operates major gateways along the Strait of Malacca, one of the world’s most important shipping routes for containerised trade and energy supplies.

Its portfolio includes the Port of Tanjung Pelepas, Johor Port, Northport, Penang Port and Tanjung Bruas Port, as well as marine and cargo-handling operations. The wider MMC group also manages cruise terminals, airport assets, rail freight services and industrial developments.

The Port of Tanjung Pelepas is among Southeast Asia’s leading transshipment hubs, while Northport forms part of the Port Klang complex serving the Kuala Lumpur industrial region. The network gives MMC Ports a central role in Malaysia’s exports, imports and connections to global shipping lines.

Azman Shah was appointed chief executive of MMC Ports in December 2024 after leading Northport since 2016. He had joined the MMC organisation in 2015 and previously held senior positions in port management, property, corporate restructuring and financial services.

His departure comes as MMC Ports evaluates its ownership and financing options following the postponement of a planned stock market listing. The company submitted a draft prospectus in June 2025 for an offering of as many as 4.27 billion existing shares on Bursa Malaysia.

Parent company MMC Corporation had considered selling a stake of up to 30 per cent. The transaction was expected to raise more than 6 billion ringgit and could have become Malaysia’s biggest initial public offering since private healthcare operator IHH Healthcare listed in 2012.

The flotation was initially targeted for the final quarter of 2025 before being deferred to allow the company to include its full-year financial performance. Investment bankers later indicated that differences over valuation and market conditions had complicated the plan.

MMC Ports recorded revenue of 4.36 billion ringgit in 2024, an increase of nearly 10 per cent from the previous year. Net profit fell by 9.2 per cent to 636.6 million ringgit from 701.1 million ringgit, reflecting cost pressures despite stronger turnover.

The company has also explored a private sale of a minority holding. Prospective strategic and financial investors were approached as MMC Corporation assessed alternatives to the delayed listing, including a transaction that could bring new capital or industry expertise into the port business.

Bin Sulayem’s experience in terminal development, acquisitions and international shipping relationships could influence those discussions. At DP World, he oversaw expansion beyond conventional port operations into freight forwarding, warehousing, economic zones and end-to-end supply-chain services.

The leadership change also strengthens the connection between MMC Ports and the Gulf’s maritime industry. Malaysia has sought greater investment from Gulf companies in logistics, energy, digital infrastructure and manufacturing, while ports along the Strait of Malacca are competing to capture growing cargo volumes between Asia, Europe and the Middle East.