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.