Malaysia’s biggest mobile phone company Maxis Berhad has brought together a number of local and international firms on its US$3.3bn IPO on the Bursa Malaysia – the largest IPO in Southeast Asia this year.
Local firms Adnan, Sundra & Low, Kadir Andri & Partners, Zul Rafique, along with Clifford Chance and Linklaters have been engaged on the transaction (see table). This is not only the largest IPO seen in Malaysia and regionally this year, but also the biggest Telco public offering in Asia-Pacific since 2000.
Clifford Chance’s QFLP-licensed Singapore office advised both Maxis and its selling shareholders, Maxis Communications Berhad, on the IPO. The firm worked on the first IPO for Maxis in 2002 and the sale of a 25% equity interest to Saudi Telecom in 2007.
Lead partner Crawford Brickley said that the sizeable value of the deal showed that activity was picking up for legal practices in South-East Asia. “Strong regional companies, such as Maxis, are taking advantage of stable home markets and recovering liquidity to further their regional and international strategies,” he said.
This is the latest deal for the Asian Telco industry this year, following others such as China Unicom’s US$1.3bn share buyback from Korea’s SK Telecom and its US$1bn alliance with Spain’s Telefónica.
Maxis Berhad IPO
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Value: US$3.3bn
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Synopsis:
Largest South-East Asian IPO so far in 2009
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Firm
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Client
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Role
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Linklaters
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Underwriters
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International counsel
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Clifford Chance
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MB
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International counsel
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Adnan, Sundra & Low
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Underwriters
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Local counsel
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Zul Rafique
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MCB
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Local counsel
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Kadir Andri & Partners
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MB
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Local counsel
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