Their speculation is based on the strategy adopted by Malaysian tycoon T. Ananda Krishnan when he took Maxis Communications Bhd private in 2007.
PETALING JAYA: Tanjong Capital Sdn Bhd, a special-purpose vehicle set up by Usaha Tegas Sdn Bhd and its allies, could be turning to the local bond market to raise funds to partially finance its buyout offer for the 53% shares it does not already own in Tanjong plc, analysts said.
The analysts reckon a strategic investor could also emerge in Tanjong Capital later.
Their speculation is based on the strategy adopted by Malaysian tycoon T. Ananda Krishnan when he took Maxis Communications Bhd private in 2007.
Usaha Tegas is the private investment vehicle of Ananda through which he owns 30.9% in Tanjong.
However, officers involved in the privatisation deal would not confirm the form of financing, or the debt composition, that Tanjong Capital was expected to deploy to take the power and gaming unit private.
While many would like to equate Ananda’s Maxis Communications move three years ago with what he is going to do with Tanjong, a bank officer said: “Different environment would require different strategy.
“We are monitoring the market closely to determine which is a more viable option – it could be a syndicated loan deal, bonds, or any other form of debts – depending on which is more conducive.”
Tanjong Capital made a cash offer to buy out Tanjong at RM21.80 a share in a deal worth RM4.7bil at the end of last month.
The offer came just days after Ananda made the offer to take Measat Global Bhd private at RM4.20 cash per share, costing him RM662.34mil.
Royal Bank of Scotland Group Plc, Standard Chartered Plc, CIMB Group Holdings Bhd and RHB Capital Bhd are advising Tanjong Capital on Tanjong’s privatisation exercise.
.
No comments:
Post a Comment