(Reuters)
- Malaysian tycoon Ananda Krishnan has
mandated CIMB Investment Bank to advise him on the initial public offering
(IPO) of Astro All Asia Networks Plc in a deal expected to raise around $1
billion in the fourth quarter, a source with direct knowledge of the deal said
on Monday.
The IPO
plan 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 in March.
The
listing of pay-TV firm Astro will consist only its domestic operation rather
than a combination of both the domestic and overseas operations, said the
source, who declined to be named as the talks were private.
"Other
banks haven't come on board yet," the source said. "And the listing
won't happen that early, likely to be around the fourth quarter of this
year."
Astro
officials declined to comment when contacted.
The IPO
could well become the third largest in Malaysia this year after palm oil giant
Felda Global Ventures Holdings Bhd's $3.4 billion deal and IHH Healthcare Bhd's
$2 billion planned flotation.
Malaysia's
IPO market has defied a trend in other financial markets such as Singapore,
where motor racing firm Formula One decided to postpone its near $3 billion IPO
due to volatile markets.
Shares
of Gas Malaysia Bhd rose as much as 15 percent in their debut trading on Monday
after a $230 million listing, overcoming negative sentiment surrounding a slump
in global market flotations.
CIMB
led Astro's delisting in 2010 in a deal that valued it at around $2.8 billion.
The investment bank also handled its original IPO in 2003, along with Goldman
Sachs, DBS and UBS.
(Reporting
By Yantoultra Ngui; Editing Niluksi Koswanage and Muralikumar Anantharaman)
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