Malaysian Billionaire's IPO Plan Faces Problems

Syed Mokhtar Albukhary's plan to list his company WM Senibong is facing issues. One problem is that he also owns shares in another property developer, Eco World Development Group.

The authorities want Syed Mokhtar to give WM Senibong the first choice to buy his land in Johor if he decides to sell it in the future.

Walker Corp owns 43.69% of WM Senibong. Syed Mokhtar owns 37.82% through Sigma Senibina. They are the main shareholders.

Syed Mokhtar is a well-known businessman in Malaysia. He was interviewed by Reuters in 2003.

WM Senibong was started in 2008. It has built several townships in Johor, including Senibong Cove and The Kews.

The company has a lot of land in southern Malaysia, over 2,000 acres. It made a profit of RM98.5 million in 2025.

Bloomberg reported that Syed Mokhtar and Walker might list WM Senibong to raise RM500 million.

Syed Mokhtar bought shares in Eco World from its former deputy chairman. This made him a major shareholder.

Syed Mokhtar is one of the richest people in Malaysia. He is worth about US$3.5 billion.

He started his business career trading rice. Now he owns many companies, including DRB-HICOM and MMC Corporation.

MMC was going to list its shares last year, but it delayed the plan to include its 2025 financial results.

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