Telekom Malaysia to sell 15.4% stake in MEASAT

Telekom Malaysia has decided to sell its 15.4% stake in satellite operator MEASAT Global Bhd. for MYR 252.1 Million to billionaire Ananda Krishnan, a famous Malaysian businessman and the Sole Proprietor of MAI Holdings Sdn Bhd, Chairman of Usaha Tegas Sdn Bhd & Maxis Communication Berhad.

According to Telekom, the sale represents an opportunity to monetize its investment, adding that proceeds raised from the sale will be used for working capital purposes.

Ananda offered to takeover minority shareholders for US$ 1.349 (MYR 4.20) per share in July this year. Telekom’s approval increased the chances of Ananda’s move to take the company private.

MEASAT was incorporated as Malayan Tobacco Company Limited in 1956 but later due to a reverse take-over exercise by MEASAT Satellite Systems Sdn Bhd in 2002, the company changed its name to MEASAT Global Bhd to reflect the core business of MEASAT Group as the owner of Malaysia’s sole licensed regional satellite system.

Telekom Malaysia Bhd., Malaysian Telecom Company has decided to sell its 15.4% stake in satellite operator MEASAT Global Bhd. for US$80.9959485 million to billionaire Ananda Krishnan, a famous Malaysian businessman and the Sole Proprietor of MAI Holdings Sdn Bhd
Chairman of Usaha Tegas Sdn Bhd & Maxis Communication Berhad.

According to Telekom, the sale represents an opportunity to monetize its investment, adding that proceeds raised from the sale will be used for working capital purposes.

Ananda offered to takeover minority shareholders for US$ 1.349 per share in July this year. Telekom’s approval increased the chances of Ananda’s move to take the company private as the deal is conditional leading the tycoon securing at least 90% of the shares.

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