Binariang believed to have secured its financing needs

KUALA LUMPUR: Binariang GSM Sdn Bhd is believed to have secured the financing it needs. 

Several local and foreign banks had already committed to provide US$8bil (RM27.6bil) financing to Binariang, sources told StarBiz.  

Besides ABM AMRO and CIMB Group, HSBC Bank, Standard Chartered Bank, Citibank and Malayan Banking Bhd wanted to provide the funds for Maxis' privatisation and capital expenditure for its overseas operations, a source said. 

Binariang will have to fork out about RM16.35bil to buy all the 1.047 billion shares it does not own in the telco at RM15.60 per share.  

Maxis, which has investments in Indonesia and India, is estimated to need RM10bil for capital expenditure in its overseas ventures.  

The telco has an issued capital of 2.55 billion shares.

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