Astro asks banks for IPO proposals by Wednesday, says IFR
SINGAPORE, June 26 — Malaysia's pay-TV operator Astro All Asia Networks has asked banks to submit proposals by Wednesday for mandates to advise on its US$1 billion (RM3.19 billion) initial public offering in Kuala Lumpur, IFR reported on Tuesday.
A stiff battle is expected given the likely size of the float and overall interest in the Malaysian IPO market, which recently saw a US$3.1 billion deal for Felda Global Ventures Holdings, IFR said.
Malaysian tycoon Ananda Krishnan plans to re-list Astro All Asia Networks by end-September in a deal that would give the pay-TV firm a market capitalisation of up to 15 billion ringgit, sources have told Reuters.
The plan by Ananda, Malaysia's second-richest man, comes on the heels of a US$2.8 billion sale of his power assets and a proposal to hive off a stake in his satellite operator MEASAT Global in March.
CIMB already has a mandate on the Astro deal, sources have told Reuters. — Reuters