Report: Ananda Krishnan mulls privatising Astro

Tycoon T. Ananda krishnan

KUALA LUMPUR: Billionaire T Ananda Krishnan (pic) is weighing the possibility of taking Astro Malaysia Holdings Bhd private after shares of the pay-TV operator dropped to a record low, people familiar with the matter said.

The tycoon has revived deliberations about a buyout of Kuala Lumpur-based Astro, according to the people, who asked not to be identified because the information is private.

Krishnan has been speaking to potential advisers about funding options and is reaching out to some major investors to gauge their interest, the people said.

Astro has a market value of about US$1.9bil based on its last closing price.

Shares of the company have fallen 46% this year through Monday, making it the worst performer on the benchmark FTSE Bursa Malaysia KLCI Index, which is down 2.3 %.

Krishnan is Malaysia’s fourth-richest person with a networth of about US$4.9 billion, according to the Bloomberg Billionaires Index.

The tycoon controls a 40.9 % stake in Astro as of April 10, the company’s latest annual report shows. Malaysian sovereign wealth fund Khazanah Nasional Bhd owns 20.7%, while state-owned pension fund Employees Provident Fund holds 7.8 %. — Bloomberg