Ananda’s corporate moves

Since T Ananda Krishnan’s entry into the local corporate scene, the Malaysian public have become all too familiar with his corporate maneuverings, moving companies on and off the local bourse, while recouping sizable gains for himself in the process.

Powertek Bhd, a power generator with exposure to local and foreign markets, was listed on the local stock exchange in 1996, only to be taken private by Tanjong Energy Holdings Sdn Bhd in 2003.

Bumi Armada Bhd, an owner and operator of offshore support vessels is now part of the Usaha Tegas Group. Bumi Armada was privatised in 2003, by Ananda and Tan Sri Wan Azmi Wan Hamzah, who was the controlling shareholder of Bumi Armada back then via property player Land & General Bhd.

There is talk that a beefed up Bumi Armada is headed back for the Bursa Malaysia, but details have yet to surface.

Maxis Bhd, a major player in the local telecommunications industry, went public in 2002 under the Maxis Communications Bhd banner but de-listed five years later in 2007. In 2009, however, Ananda announced Maxis’ second initial public offering (IPO).

While the IPO was indisputably the listing of 2009, given its sheer size and position as Ananda’s figurehead company, there was a bitter aftertaste in that it contained only the mature Malaysian operations and none of the overseas ventures.

The fast-growing Indian and Indonesian operations are under Maxis Communications Bhd, an unlisted entity controlled by him.

There was also the issue of him hiving off a 25% stake in Maxis to Saudi Telecom Co for US$3 billion (RM9.57 billion) shortly after privatising the entire company (40% which he didn’t own) for RM16 billion or US$4.6 billion.

Astro All-Asia Networks plc, the last in a long line of privatisation episodes, was de-listed from the Main Market of Bursa Malaysia Securities Bhd on June 14, 2010, following a successful takeover offer by Astro Holdings Sdn Bhd (AHSB) and Khazanah Nasional Bhd for RM4.30 a share.

AHSB is owned by Usaha Tegas Sdn Bhd, Ananda’s flagship company and its associates. In a statement yesterday, AHSB said it had completed the compulsory acquisition of all the remaining shares in Astro not already owned pursuant to the takeover offer. As such, Astro’s impending AGM on July 30 would be a private meeting between Astro and its sole shareholder AHSB.

This article appeared in The Edge Financial Daily, July 29, 2010.