SINGAPORE: Malaysian tycoon Ananda Krishnan plans to sell his stake in satellite operator Measat Global as part of asset sales that could raise around $3.5 billion, Singapore's Straits Times newspaper reported on Wednesday, citing a banking sources.
Talks about a sale started in late 2011, and could involve Saudi satellite firm Arabsat taking a strategic or even majority stake in the Malaysian satellite firm, the paper cited the source as saying.
However, the Straits Times said control of Measat by Arabsat could be difficult as Malaysia has a 40 percent cap on foreign ownership of strategic domestic assets.
The report comes shortly after Krishnan put his entire power portfolio up for sale, with Standard Chartered hired to manage the transaction of about a dozen power plants.
The deal has so far attracted 12 bids, Malaysia's Star newspaper reported on Saturday, with Saudi Water & Electricity Co submitting the top bid of 10.85 billion Malaysian ringgit ($3.60 billion). - Reuters
BY: Nageswarie, Rajeswary, Kuganesh, Anita Raj
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