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Tuesday 20 March 2012

Malaysia's Maxis Planning $2 Billion IPO

Malaysia's Maxis Communications is reported to be planning a US$2 billion stock market flotation by the end of this year - just two years after the company was taken private by its current owner. Citing unnamed sources, the Reuters news agency said that Maxis has chosen Goldman Sachs, Credit Suisse and CIMB to advise it on a listing in Kuala Lumpur.

Under Malaysian stock market rules, a company needs to sell a minimum 25 percent stake to list on the stock exchange. The report follows a call by Malaysian Prime Minister Najib Razak for local companies to seek listings on the stock exchange to boost inward investment.

"It will create some sort of excitement because it was the darling of investors then and it had substantial foreign shareholdings too," Abdul Jalil Rasheed, equities chief at Aberdeen Asset Management's Malaysia unit said on Wednesday .

"There is no announcement at this point. An announcement will be made at the appropriate time," Catherine Leong, Maxis' head of public relations, told Reuters when asked for a comment.

Maxis' CEO, Sandip Das has however recently denied previous rumours that the company would seek a stock market listing to raise funds for its expansion programs. CIMB Research, in a research note in June, said Maxis would be seeking a relisting, possibly as early as September this year.

Maxis is 75% owned by local billionaire, Ananda Krishnan, who took the company private two years ago via his privately Usaha Tegas holding company. The remaining 25% is own by state-owned Saudi Telecom.

A couple of months ago it was also reported that France Telecom was looking at taking a stake in Maxis controlled Indian subsidiary, Aircel for between US$1.4-$2 billion. Aircel, which has a subscriber Base of 19.6 million, is thought to have a valuation of between $7 billion and $8 billion.

Raj Rajput  [  MBA ] 
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