Tuesday, May 30, 2023

Maxis sells 64.97% stake worth RM34.13 billion off market [Business]

A huge chunk of Maxis Bhd shares amounting to 4.875 billion shares or a 64.97% stake worth RM34.13 billion in the telecommunication firm was transacted off market yesterday.

According to Bloomberg data, the price paid for the shares, done in five tranches of 975 million shares each, was at RM7 per piece, a 12 sen discount to its closing price of RM7.12 yesterday.

However, the data did not disclose the seller or buyer of the transaction. 

The amount of shares sold match the controlling shareholder of Maxis, Binariang GSM Sdn Bhd stake in the Telco. Binariang is owned by Malaysia’s second-richest man and billionaire T. Ananda Krishnan.

Ananda owns 45% (via Usaha Tegas Sdn Bhd) in the Telco’s holding company, Maxis Communications Bhd, which, in turn owns 64.4% in the listed Maxis Bhd.

The other shareholders of Maxis Communications(MCB) are Saudi Telecom Co (25%) and certain Bumiputera shareholders (30%).

A source who wants to be anonymous told MalaysianWireless that Maxis maybe exiting the India market. The source said “I think they are trying to dismantle Maxis and Aircel from MCB so its easy to sell off Aircell..”.

However, FMT has a different story.

[Source]– FMT

Kugan is the co-founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy

Related Articles

Stay Connected with Us


Hosted at AIMS Data Centre


Latest Articles