Maxis seeks up to US$406m in share sale -IFR

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 RM5.52 - RM5.75 each, valuing the deal at up to RM1.73 billion (US$406 million), added IFR, a Thomson Reuters publication.

The pricing represents a discount of between 2.2% and 6.1% to Friday's close of RM5.88, 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% from 35.1%, the terms showed.

CIMB Group Holdings Bhd and Credit Suisse were hired as joint bookrunners for the offering.

The stock is down about 1.7% so far in 2017, compared with a 9% gain for the broader market index.