DUBAI (Zawya Dow Jones)--Saudi Telecom Co., which owns 25% of Malaysia's Binariang GSM Holding, said Saturday the Malaysian holding company is studying selling 30% of the shares of its Maxis Communications Bhd. unit on Malaysia's bourse due to attractive market conditions.
Maxis, Malaysia's leading mobile phone operator, is in discussions with Malaysian regulatory authorities and has received preliminary approval for the offering, Saudi Telecom said in a statement on the Saudi bourse Web site.
The initial public offering will "finance the future expansion of the group" and comes at a time of "current attractiveness of the Malaysian market," Saudi Telecom said.
Saudi Telecom said it would release details of the offering, and its financial impact on the company, at a later stage.
Maxis said earlier this month in a draft prospectus for the IPO that it plans to sell 2.25 billion shares in a planned November sale. The sale would raise about $2 billion, according to analysts.
-By Nour Malas, Dow Jones Newswires, +9714 374 8044; nour.malas@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
Dow Jones Newswires
September 26, 2009 04:45 ET (08:45 GMT)
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