Maxis Nudged to Re-list on Bursar

It took no less that a forceful nudge in the rib-cage from the in-coming PM for Ananda to be aroused from his private financial sleep to consider a re-listing of Maxis on Bursa. That was January 2009. Now they, are telling that perhaps in December they may come in.

Reuters have this report on 26 July on this call-back to national duty.

Maxis, Malaysia's top mobile phone operator, could re-list by the end of the year following government calls to boost liquidity on the local exchange, a top business weekly reported today.

The Edge, citing unidentified sources close to the company, said the funds used from floating the company's Malaysian operations would be used to expand business in India and Indonesia.

"That's an option that's being seriously looked at. (A listing by year end) is possible, if regulatory approvals go smoothly," one source said.

Prime Minister Datuk Seri Najib Razak on Wednesday said he had asked Maxis to re-list on Bursa Malaysia to boost liquidity and draw in investors to the Southeast Asia's most laggard stock market so far this year.

Maxis said it would take into consideration what the premier had said when deciding on the timing to relist.

"When Maxis was privatised and de-listed in 2007, the stakeholders articulated the possibility of a re-listing of the company after internal re-structuring, some time in the future," the firm said in a statement issued later today.

The firm was de-listed by reclusive tycoon Ananda Krishnan, who controls 75 per cent of Maxis. The rest is owned by state-owned Saudi Telecom Co Ltd.

Maxis' market capitalisation stood at around RM39 billion before it was taken private, Reuters data showed, and the new listing is expected to give the company an enterprise value of RM40 billion, the report said.

Only plantation conglomerate Sime Darby and the Southeast Asian country's biggest bank, Maybank, have higher market capitalisation at RM47.5 billion and RM45.2 billion respectively.

So is Ananda heeding the call of the Pipe-piper? Likely so. But through which of his public vehicles? Tanjong, Measat or Astro?

Time will tell as all these three counters go flying up as they are buoyed by market rumours.