Saudi Telecom said to mull selling stake in Malaysia’s Maxis

Saudi Telecom Co. (STC), the kingdom’s biggest telecommunications operator, is mulling options to sell its indirect stake in Malaysia’s Maxis Bhd., Bloomberg reported, citing people familiar with the matter.

STC holds 25 percent in Binariang GSM Sdn., which is the controlling shareholder of Maxis. The company may sell to a Malaysian pension fund or other financial investors, the sources added.

STC, however, has not started an official auction process, and may shelve its plans, the sources told Bloomberg.

Through its Binariang holding, the Saudi telecom company has an effective 16.2 percent interest in Maxis valued at about $1.8 billion. Binariang also owns a majority stake in Indian wireless carrier Aircel Ltd.

STC and other Gulf-based operators invested more than $10 billion in Asian acquisitions between 2005 and 2010. 

Qatar’s Ooredoo is now considering getting rid of its indirect holding in Singapore’s StarHub Ltd., people familiar with the matter said earlier.