KUALA LUMPUR Aug 26 Malaysia's largest mobile
phone operator by market value Axiata Group Bhd is
planning an initial public offering (IPO) of its
telecommunication tower assets estimated to be worth up to $500
million, three people familiar with the deal said.
CIMB Group Holdings Bhd and Goldman Sachs Group
Inc are involved in the offer, which is expected late
next year, the sources said. They declined to be identified as
the discussions were confidential.
Axiata officials were not immediately available for comment.
Telecommunication firms currently trade at six times
earnings before interests, taxes, depreciation and amortisation
while tower companies trade at 10 times.
The proposed IPO adds to the list of offerings expected from
Malaysia next year and which include a $1 billion listing of
independent power producer Malakoff Bhd and an $800 million IPO
of property developer Medini Iskandar Malaysia Sdn Bhd.
Malaysia was the biggest IPO market in the Asia-Pacific
excluding Japan last year, hosting two of the world's biggest
listings - the $3.2 billion IPO of Felda Global Ventures
Holdings Bhd and $2.1 billion listing of IHH
(Reporting By Niluksi Koswanage and Yantoultra Ngui in KUALA
LUMPUR and Saeed Azhar in SINGAPORE; Editing by Miral Fahmy)