MCB Sale of 30% Maxis Stake May Raise RM9bn

Maxis Communications Bhd (MCB) is offering for sale 30%, or 2.25bn shares of Maxis Bhd’s (Maxis) issued and paid-up capital, of which 2.33% is for retail investors and 27.67% for institutional investors, as part of the celco’s initial public offering (IPO). Maxis is the country’s dominant cellular player, which as at mid-June had 11.4m mobile subscribers and controls 40% share of the Malaysian cellular market. The offer for sale is expected to raise US$2.5bn, or about RM9bn, which will be the biggest IPO in corporate Malaysia since 1995. The offer price was not revealed in the draft prospectus that was posted on the Securities Commission website on Thursday. Maxis will not issue new shares for the IPO and thus will not get any proceeds. The proceeds will go to the shareholders that are making the offer for sale. (StarBiz)