Malaysian tycoon Ananda Krishnan is exploring proposals from investment banks to list Astro All Asia Networks after the country's sole satellite pay-TV monopoly was delisted in a $2.6 billion deal in 2010, sources with knowledge of the matter told Reuters on Thursday.
One of the sources, an official with Usaha Tegas, a special purpose vehicle controlled by Ananda, said no decision has been made on the re-listing of the company that was taken private in 2010 after a costly overseas expansion. News of a possible IPO by Ananda, Malaysia's second-richest man, comes on the heels of a $2.8 billion sale of his power assets and proposal to hive off a stake in his satellite operator MEASAT Global. The IPO could face hurdles partly because of an investigation in India involving Astro and Ananda's telco firm, Maxis, and alleged bribes paid to a government minister and his brother, allegations the companies have denied.
"Banks have approached Usaha Tegas. Astro is the one of those companies that every bank wants to have a mandate on. It is been explored, but its too early to say anything concrete," said the official at Usaha Tegas. He declined to be named because discussions over the deal are still private. The potential listing adds fuel to speculation that Ananda, who Forbes estimates to have a net worth of $9.9 billion, may be slowing down after years of controlling a business empire that spans telecoms to property and oil exploration.
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