Sign up | Log in



Home  >>   Daily News  >>   Malaysia News  >>   Energy  >>   Malaysian tycoon makes offer
NEWS UPDATES 31 July 2010

Malaysian tycoon makes offer

Related Stories

July 16, 2010
Malaysia cuts fuel, sugar subsidies

July 14, 2010
Malaysian companies should seize on strengthening

July 9, 2010 
Malaysian rate hike unlikely

November 19, 2009
Malaysia: Growth seen at 5% in 2010

November 13, 2009
Analysts predict Malaysia GDP to reach 3.2% in 2010

November 1, 2009
Malaysia: Govt won’t revise credit card tax policy

Malaysian billionaire Ananda Krishnan has offered to buy out minority stakeholders in power and gaming firm Tanjong PLC for 4.66 billion ringgit ($1.46 billion) as he seeks to expand his business empire.

Tanjong said in a statement late Friday that Krishnan's private company Tanjong Capital would pay 20.80 ringgit ($6.50) a share to buy the 53 percent of Tanjong that he doesn't already own to take the company private, the Associated Press reports.

Tanjong Capital was set up by Krishnan's investment arm, Usaha Tegas, and other associated entities that hold 47 percent equity in Tanjong.

"A privatized Tanjong will enable the business to seek out long-term capital providers and where it serves the corporate objective allow the introduction of strategic partners or undertaking of broader partnerships," the statement said.

The offer marked a 22 percent premium on Tanjong's last traded price of 17.88 ringgit ($5.60). Trading in Tanjong shares was suspended Wednesday and expected to resume Monday.

Bankers said shareholders viewed the company as undervalued and that its current share price was not reflective of its fundamentals

Analysts said Krishnan may divest Tanjong's gaming assets to focus on expanding its power arm after taking it private. The company currently operates around 13 power plants in Malaysia, Egypt, Bangladesh, Pakistan, Sri Lanka and the United Arab Emirates.

This was the second such corporate deal in a week by Krishnan, Malaysia's second richest man.

On Wednesday, he unveiled a 662.6 million ringgit ($207 million) bid to buy out minority shareholders in satellite operator Measat Global Bhd. to take the company private.

Krishnan, a self-made billionaire, has made similar corporate buy-outs in the past to strengthen his business entities, accelerate expansion and raise value for his companies.

In March, he took pay-TV operator Astro All Asia Networks PLC private, in a 2.5 billion ringgit deal.

In 2007, he bought out Malaysia's biggest telecommunications company Maxis for about 16 billion ringgit.

Forbes estimates Krishnan's personal wealth at about $7.6 billion.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand