Saudi-backed Malaysian telco plans IPO

Saudi Telecom Co, which owns 25 percent of Malaysia's Binariang GSM Holding, said on Saturday the Malaysian holding company is studying selling 30 percent of the shares of its Maxis Communications Bhd unit on Malaysia's bourse due to attractive market conditions.

Maxis, Malaysia's leading mobile phone operator, is in discussions with Malaysian regulatory authorities and has received preliminary approval for the offering, Saudi Telecom said in a statement on the Saudi bourse website.

The initial public offering will "finance the future expansion of the group" and comes at a time of "current attractiveness of the Malaysian market", Saudi Telecom said.