| KUALA LUMPUR, March 7
KUALA LUMPUR, March 7 Over nearly two
decades, Malaysia's second-richest man Ananda Krishnan has
quietly initiated a number of deals that have left observers
perplexed but earned him a reputation of being an impeccable
timer of markets.
Now Ananda, as he is known in business circles, is again in
the midst of a mega-asset sale that is shrouded in secrecy and
has everyone guessing about the intent of the deal.
The 73-year-old tycoon is nearing a sale of $3 billion worth
of power assets to a government company, according to sources,
and is said be eyeing the sale of a satellite operator for
around $500 million.
The moves have prompted speculation that Ananda --
who has a net worth of $9.9 billion, according to Forbes -- may
be winding down after years at the helm of a business empire
that spans telecoms, gaming, property, oil exploration and
Photographs of the businessman are frequently plastered in
the country's newspapers, but to many dealmakers and industry
executives Ananda remains a mystery.
Many believe that the sales are likely part of a strategic
decision to pull back from risky businesses.
"He has a reputation of timing the markets, like what he did
with Maxis and Bumi Armada," said the head of equities at a
local brokerage, who asked not to be identified because of the
sensitivity of the matter, adding that Ananda could be making
the most of investors' increased risk appetite in recent months.
Ananda angered shareholders by taking Malaysia's top
telecoms firm Maxis private in 2007 before the global
financial crisis struck, only to relist it in 2009 with a $3.3
billion IPO of his flagship firm.
That deal cemented Ananda's reputation over the years for
taking his firms private and re-listing them for maximum gain.
Offshore oil and gas services company Bumi Armada
was listed in July, raising $890 million just before market
volatility forced the cancellation of many IPOs in Asia.
Ananda keeps such a low profile that he doesn't hold any
executive positions in the four main Malaysian firms he controls
and is said to leave the execution of his business strategies to
trusted aides Ralph Marshall and Chan Chee Beng. Both are
directors of the privately-held Usaha Tegas, Ananda's investment
"He's hardly seen at conferences and even during our
meetings with his close associates. He's like an invisible
dealmaker," said one executive at a fund management firm, who
requested anonymity because of the sensitive nature of the
Ananda could not be contacted by Reuters for comments.
Some investors believe Ananda could be tapping his assets in
response to political volatility in the Middle East and ahead of
national elections in Malaysia expected this year that could
stoke market volatility.
He has also been facing problems in India, where police have
been investigating one of his companies in a telecoms case.
Company officials have denied any wrongdoing.
"The internal rate of return that he is getting from some of
his power assets may also not be lucrative, especially with the
problems in Egypt and Pakistan. This could be the right time to
sell," the fund manager said.
FIRST MILLIONS FROM OIL
Ananda, known to friends as TAK from the initials of his
full name Tatparanandam Ananda Krishnan, graduated from Harvard
and made his first millions as an oil trader.
He was a founding director of state oil giant Petronas and
was a low-profile director of the central bank, Bank Negara,
between 1982 and 1987. He forged close ties with former Prime
Minister Mahathir Mohamad, selling the leader the idea of
building the iconic 88-storey Petronas Twin Towers in the early
Born to a Sri Lankan Tamil civil servant, Ananda rarely
makes public appearances. Perhaps the only time he hit the
limelight, and that too briefly, was in the mid-1980s when he
financed the Live Aid concert organized by rock star Bob Geldof.
An avid collector of modern art, Ananda spends his time
mostly in the south of France with his wife and young daughter,
visiting Kuala Lumpur occasionally.
Media reports say the tycoon's two other children from a
first marriage are not keen on taking roles in his business
empire. The son became a monk and the daughter a doctor in
Britain, the reports say.
(Writing by Stuart Grudgings; Editing by Muralikumar