Wednesday June 27, 2012
Astro asks banks for RM3.2bil IPO mandates
SINGAPORE: Pay-TV operator Astro All Asia Networks has asked banks to submit proposals for mandates to advise on its US$1bil (RM3.2bil) initial public offering in Kuala Lumpur, IFR reported.
A stiff battle was expected given the likely size of the float and overall interest in the Malaysian IPO market, which recently saw a US$3.1bil deal for Felda Global Ventures Holdings, IFR said.
Malaysian tycoon Ananda Krishnan planned to re-list Astro by end-September in a deal that would give the pay-TV firm a market capitalisation of up to RM15bil, sources have told Reuters.
The plan by Ananda, Malaysia's second richest man, comes on the heels of a US$2.8bil (RM8.9bil) sale of his power assets and a proposal to hive off a stake in his satellite operator MEASAT Global in March.
CIMB already had a mandate on the Astro deal, sources told Reuters. - Reuters