STC considering divesting indirect stake in Maxis?

Saudi Telecom Company (STC) is said to be examining options for its indirect stake in Malaysia’s Maxis, Bloomberg reports citing sources familiar with the matter. It is understood that STC, which currently owns a 25% stake in Maxis’ controlling stakeholder Binariang GSM, is gauging interest in this holding, with it suggested that it could consider selling it to a Malaysian pension fund or another financial investor. With the stake in Maxis giving the Riyadh-based outfit an effective 16.2% interest in Maxis, valued at approximately USD1.8 billion, it has however been noted that STC has not yet started a formal auction process for the stake, and could yet decide to retain it.