Astro focusing on Bumiputra shareholders

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Ananda Krishnan, Malaysia’s richest businessman, aims to sell almost half of the IPO shares of Astro TV to indigenous Malaysians.

Pay-TV company Astro Malaysia Holdings Bhd, preparing for the next large IPO in the country, will offer almost half of its shares to indigenuous investors, reports say.

The IPO, planned for end of September this year, is expected to raise $1.5 billion from the capital markets. This would be Malaysia’s third-largest IPO this year after Felda Global Ventures Holdings Bhd went public in June and IHH Healthcare Bhd in July.

At an indicative price of RM3.60 a share, almost half of the shares are being offered to Bumiputra (indigenous) investors, news agency Reuters quoted a person familiar with the deal. This would make a value of $689 million. Cornerstone investors will be offered more or less a similar price.

Astro Holdings operates through two holding companies, Astro Overseas Limited for the regional Asian business and Astro Malaysia Holdings for the Malaysian business. The group is currently owned by Usaha Tegas Sdn Bhd, the investment holding of Malaysian tycoon Ananda Krishnan — who also owns Maxis Telecom — and Malaysia’s state investment vehicle Khazanah Nasional Berhad. The company offers digital TV broadcasting, partly in high-definition technology.

Astro has already been publicly listed between 2003 and 2010 on the Bursa Malaysia, but was delisted after the takeover by Krishnan’s group. To lure investors for the 2012 IPO, the company said it targets a dividend payout ratio of at least 75 per cent of profit upon listing. The transaction manager for the IPO is CIMB.

 

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Reading Time: 1 minute

Ananda Krishnan, Malaysia’s richest businessman, aims to sell almost half of the IPO shares of Astro TV to indigenous Malaysians.

Pay-TV company Astro Malaysia Holdings Bhd, preparing for the next large IPO in the country, will offer almost half of its shares to indigenuous investors, reports say.

Reading Time: 1 minute

Ananda Krishnan, Malaysia’s richest businessman, aims to sell almost half of the IPO shares of Astro TV to indigenous Malaysians.

Pay-TV company Astro Malaysia Holdings Bhd, preparing for the next large IPO in the country, will offer almost half of its shares to indigenuous investors, reports say.

The IPO, planned for end of September this year, is expected to raise $1.5 billion from the capital markets. This would be Malaysia’s third-largest IPO this year after Felda Global Ventures Holdings Bhd went public in June and IHH Healthcare Bhd in July.

At an indicative price of RM3.60 a share, almost half of the shares are being offered to Bumiputra (indigenous) investors, news agency Reuters quoted a person familiar with the deal. This would make a value of $689 million. Cornerstone investors will be offered more or less a similar price.

Astro Holdings operates through two holding companies, Astro Overseas Limited for the regional Asian business and Astro Malaysia Holdings for the Malaysian business. The group is currently owned by Usaha Tegas Sdn Bhd, the investment holding of Malaysian tycoon Ananda Krishnan — who also owns Maxis Telecom — and Malaysia’s state investment vehicle Khazanah Nasional Berhad. The company offers digital TV broadcasting, partly in high-definition technology.

Astro has already been publicly listed between 2003 and 2010 on the Bursa Malaysia, but was delisted after the takeover by Krishnan’s group. To lure investors for the 2012 IPO, the company said it targets a dividend payout ratio of at least 75 per cent of profit upon listing. The transaction manager for the IPO is CIMB.

 

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