Windfall for Maxis shareholders

Wow. very nice. Who have shares with Maxis have great return. But i do not buy any shares. :)

Friday May 4, 2007 (The Star - by B.K. SIDHU and KATHY FONG)

KUALA LUMPUR: Minority shareholders of Maxis Communications Bhd stand to make a handsome profit from the company's privatisation exercise after T. Ananda Krishnan offered to buy their shares back at RM15.60 each.

This means that an investor who had bought 1,000 Maxis shares at RM13 each just before trading was suspended on Monday will make RM2,600, or a 20% gain on his investment.

Those who bought the same number of shares in Dec 29, when each share was at RM10.20, would make a RM5,400 or 53% gain.

Maxis, whose initial public offer was priced at RM4.36, was listed on Bursa Malaysia on July 8, 2002. If a shareholder had kept his shares from that time, his gain would be 301%, including dividend payments.

However, the shareholders would only realise their gains if Binariang GSM Sdn Bhd, a company set up for this exercise, gets 75% acceptance from shareholders, or an additional 15.5% of minority shares.

At RM15.60, Ananda – who, through Usaha Tegas which he controls, and bumiputra trustee companies collectively hold 59% interest in Maxis – will have to fork out RM16.4bil to buy the 41% remaining stake in Maxis.

The 41% amounts to 1.047 billion shares. Foreign fund managers are said to be holding substantial blocks of the shares.

The entire privatisation of Maxis is valued at RM39.9bil, making it one of the largest ever buy-out transactions in the Asia Pacific, according to CIMB group chief executive Datuk Nazir Razak.