Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Telecom's Maxis Stake to Fall after IPO - ASHARQ AL-AWSAT English Archive
Select Page

RIYADH, (Reuters) – Saudi Telecom (STC) said on Wednesday its 25 percent stake in Maxis Bhd would fall to 17.5 percent after Malaysia’s biggest mobile phone operator sells shares to the public.

Maxis Bhd is set to raise $3.3 billion in Southeast Asia’s biggest initial public offering ever.

“Only the direct and the indirect participations (of Saudi Telecom) in Indonesia and India will remain unchanged. STC will announce the financial impact of the IPO on the Binariang Group after being reviewed by financial auditors,” Saudi Telecom said.

Maxis controls 40 percent of the Malaysian mobile market. The listed company will house just the Malaysian business, leaving the fast-growing Indian and Indonesian operations with its unlisted parent, Maxis Communications Bhd.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube