[Mr.Bhat]

Telekom Malaysia has decided to sell its 15% stake in Asian satellite operator Measat to tycoon Ananda Krishnan. With the acceptance of Krishnan’s offer, the tycoon’s bid to take Measat private looks certain to go ahead.



Back in July, Krishnan made an offer to buy out the 40% of shares not in his control for RM4.20 per share (US$1.34). That offer expired tomorrow, although had been extended to September 22.

Telekom Malaysia’s profit on the stake is minimal, with the company having purchased the 60 million shares for a reported RM4.165 per share in December 2003. Telekom Malaysia has already written down its investment.

Krishnan has already taken one of his sister investments, pay-TV platform Astro All Asia Networks, private.
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