Maxis Publishes Plans to Float on the Malaysian Stock Exchange

­Malaysia's Maxis has launched the prospectus for its planned floatation on the Malaysian equity markets. This IPO will see the sale of 30% of the company to new investors. It is envisaged that this exercise will see Maxis become one of the largest component stocks on the benchmark FBM KLCI of Bursa Malaysia.

"We believe that Maxis Berhad's listing will enlarge Bursa Malaysia's market capitalisation and also add to the range of large, well managed companies listed and traded on Bursa Malaysia," said YM Raja Tan Sri Arshad Raja Tun Uda, Chairman of Maxis.

The sale should raise around US$2.5 billion for its shareholders.

"The growth prospects and strong cash flows generated by Maxis Berhad will ensure that the company is an attractive investment on Bursa Malaysia for the global and domestic investor community," added Raja Tan Sri Arshad.

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.

At listing, it is envisaged that Binariang GSM (BGSM) through Maxis Communications (MCB) will effectively own 70% of Maxis. MCB will continue to own interests in Aircel Limited in India and PT Natrindo Telepon Seluler in Indonesia.

CIMB Investment Bank Berhad, Goldman Sachs and Credit Suisse are Joint Global Coordinators for the IPO.

Based on current timelines, the pricing for the IPO is expected to be concluded by 10 November 2009 and Maxis is expected to be listed on the Main Market of Bursa Securities on 19 November 2009.

Posted to the site on 29th October 2009