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Home  >>  Daily News  >>  Malaysia News  >>  Telecom  >>  Malaysia's Maxis may return to bourse by year end

NEWS UPDATES 25 July 2009

Malaysia's Maxis may return to bourse by year end

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Maxis, Malaysia's top mobile phone operator, could relist by the end of the year following government calls to boost liquidity on the local exchange, said Reuters, citing a report in a local business weekly Saturday.

The Edge, citing unidentified sources close to the company, said the funds used from floating the company's Malaysian operations would be used to expand business in India and Indonesia.

"That's an option that's being seriously looked at. (A listing by year end) is possible, if regulatory approvals go smoothly," one source said. No one from Maxis was immediately available for comment.

Malaysia's Prime Minister Najib Razak on Wednesday said he had asked Maxis to re-list on Bursa Malaysia to boost liquidity and draw in investors to the Southeast Asia's most laggard stock market so far this year.

The firm was delisted in 2007 by reclusive tycoon Ananda Krishnan, who controls 75 percent of Maxis. The rest is owned by state-owned Saudi Telecom Co Ltd. Maxis' market capitalisation stood at around 39 billion ringgit ($11.05 billion) before it was taken private, Reuters data showed, and the new listing is expected to give the company an enterprise value of 40 billion ringgit, the report said.

Only plantation conglomerate Sime Darby and the Southeast Asian country's biggest bank, Maybank, have higher market capitalisation at 47.5 billion ringgit and 45.2 billion ringgit respectively.


 


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