Maxis’ privatisation opens a new entry

in Maxis, Mobile Operators 01/07/2007 Comments Off on Maxis’ privatisation opens a new entry 801 Views

NO matter what you say about T. Ananda Krishnan, you could never accuse him of being not shrewd enough.

Last Friday, Maxis Communications Bhd marked its last trading day after five years on Bursa Malaysia. As of that date, reports placed Binariang GSM Sdn Bhd’s shareholding at 99.44%, allowing Ananda Krishnan’s (AK) vehicle to invoke Section 34 of the Securities Commission Act to mop up the remaining Maxis shares it did not already own.

Maxis’ shares were de-listed on Monday, and just a day later, AK dropped his latest bombshell. Saudi Telecom Company (STC), the Middle East’s largest telecommunications group, was making its first foray overseas, taking up a 25% stake in Binariang for a cool US$3.05bil (RM11bil).