Malaysian billionaire Ananda Krishnan has offered to buy full control of Maxis Communications, the country’s largest wireless operator by subscribers, for MYR15.8 billion (USD4.6 billion) to facilitate its overseas expansion. Private investors which between them own 40% of the company will receive MYR15.60 a share, 20% higher than the closing share price. The bid values the company at MYR39.5 billion.
Privatising Maxis is expected to give the company more flexibility in expanding overseas, possibly in high-growth countries like India and Indonesia. Maxis said last month it plans to spend USD3 billion over the next five years expanding its network in India to counter slowing growth at home. Aircel, Maxis’s Indian arm, generated 13% of fourth-quarter sales last year. Aircel said in February it expects to almost double its subscribers to eight million this year.