Malaysian wireless carrier Maxis seeks up to US$406m in share sale
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[HONG KONG] Malaysian wireless carrier Maxis Bhd plans to raise up to US$406 million in a share offering to pay down debt and finance the potential acquisition of mobile phone waves, IFR reported on Monday, citing a term sheet of the transaction.
The offering consists of 300 million new shares in an indicative range of 5.52-5.75 ringgit each, valuing the deal at up to 1.73 billion ringgit (S$560.1 million), added IFR, a Thomson Reuters publication.
The pricing represents a discount of between 2.2 per cent and 6.1 per cent to Friday's close of 5.88 ringgit, the terms showed.
Maxis did not immediately reply to a Reuters request for comment on the share sale plan.
The company earlier requested trading of its shares to be halted, pending a material announcement. It did not disclose further information.
The new shares will increase Maxis' free float to 37.1 per cent from 35.1 percent, the terms showed.
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CIMB Group Holdings Bhd and Credit Suisse were hired as joint bookrunners for the offering.
The stock is down about 1.7 per cent so far in 2017, compared with a 9 per cent gain for the broader market index .
REUTERS
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