Trading in the securities of Tanjong plc and MEASAT GLOBAL BHD [] was suspended on Wednesday, July 28 for corporate announcements.
Both companies are controlled by billionaire T. Ananda Krishnan. Bursa Malaysia said trading in both companies’ shares was suspended from 9am pending a material announcement.
Bursa said Measat had requested for a suspension of trading of its securities from 9am to 5pm “pending an announcement of a corporate proposal involving the shareholders of the company”.
Bursa also said Tanjong had requested for suspension with effect from 9am, Wednesday, also “pending a material announcement by Tanjong plc”.
Reuters quoted dealers and fund managers said it was likely that the tycoon had plans to take both companies private. The possible move comes after he re-listed the Southeast Asian country's top mobile phone operator Maxis in November 2009.
Maxis now houses just the Malaysian business, leaving the fast-growing Indian and Indonesian operations with unlisted parent Maxis Communications Bhd, controlled by Krishnan.
"This is typical Ananda Krishnan. He will take these firms private and grow the businesses or strip them down. Later on, he may relist them like what happened to Maxis," said a dealer with a local investment bank.
Ananda Krishnan could be looking to split up the gaming and power businesses under Tanjong Plc to better manage his assets, said a manager of a foreign fund based in the Malaysian capital
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