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Malaysian tycoon buys British Telecoms, MediaOne stakes in Maxis
KUALA LUMPUR, May 4 (AFP) - A Malaysian tycoon has bought a combined 46 percent stake
in Maxis Communications from British Telecommunications Plcand US operator MediaOne
Group Inc. for 3.1 billion ringgit (816 million dollars).
Analysts Friday said the deal could be a prelude to list Malaysia's largest
cellular-phone operator Maxis to fund its expansion and reported plans to bid for
Singapore's MobileOne Ltd.
Tycoon Ananda Krishnan bought the stake from BT and MediaOne for about 2.58 billion
ringgit (679 million dollars), Friday's Asian Wall Street Journal quoted executives
familiar with the deal as saying.
But the total cost would rise to 3.1 billion ringgit as Ananda's company Usaha Tegas
would also takeover Maxis' debts previously guaranteed by BT and MediaOne, the report
said.
The purchases raised Ananda's interest in Maxis from 24 to 70 percent.
The report said Ananda, through Maxis, was preparing to bid for MobileOne for about
1.2 billion dollars.
Maxis officials declined to comment on the report when contacted.
Pankaj Kumar, research manager at OSK Research, said the deal sparked talks that
Ananda may initiate a backdoor listing for Maxis.
There are presently three public listed companies -- Kedah Cement Holdings, Prime
Utilities and Phileo Allied -- seeking new businesses and assets, he said.
"We would not be surprised if Ananda's next move will be to inject his prized
possession, Maxis, into one of these companies," Pankaj told AFX-Asia, an AFP-owned
financial news wire.
One research chief at a foreign brokerage said it was logical for Ananda to list Maxis
to fund its reported bid for MobileOne.
"How else could you raise the money for MobileOne?" he said.
Another research manager said Ananda's repurchase of the Maxis stakes from BT and
MediaOne indicated a lack of foreign buyers, which could spell trouble for other
Malaysian operators seeking foreign partners.
He said there were talks that Ananda was planning a strategy to concentrate on Maxis
mobile services.
"We heard that they may cut off the fixed line services and the rest to focus on
mobile. If that is the case, it makes sense for him to try to bid for MobileOne," he
added.
According to the report, MobileOne has not identified buyers but industry executives
said other prospective bidders include Vodafone Group and Japan's NTT DoCoMo Inc.
Even if Ananda fails to win MobileOne, the report said a bid would raise Maxis'
profile among global telecommunications players.
Ananda's company Usaha Tegas also controls satellite broadcasting operator Measat and
gaming company Tanjong Plc.
Last month, Measat announced a reverse takeover deal with Malaysian Tobacco Company
that would give its unit Binariang -- which operates Malaysia's satellite pay-TV
system -- a backdoor listing.
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