saudi-telecom-partners-with-recently-privatised-maxis

Saudi Telecom partners with recently privatised Maxis

The Saudi telco pays $3 billion and underwrites half of a $900 million loan for a 25% stake in Maxis and a 51% stake in Maxis' Indonesian subsidiary.
June 26, 2007
Saudi Telecom will invest $3.05 billion to form a strategic partnership with Binariang, the principal shareholder of Maxis Communications, MalaysiaÆs leading telco. Saudi Telecom will acquire a 25% effective interest in Maxis, which has operations in Malaysia and India, and a 51% direct stake in MaxisÆ Indonesian subsidiary, Natrindo Telepon Seluler. As part of the investment, Saudi Telecom will participate in a $900 million subordinated loan, which will be underwritten equally by Saudi Telecom and the existing shareholders of Binariang.

Binariang is an investment holding company controlled by Ananda Krishnan. On May 24 this year, it launched an offer to privatise and delist Maxis in a deal which valued the telco at $11.5 billion. The...
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