Saudi Telecom Company (STC) said on Wednesday its 25 percent stake in Maxis Bhd would fall to 17.5 percent after Malaysia's biggest mobile phone operator sells shares to the public. “Only the direct and the indirect participations (of Saudi Telecom) in Indonesia and India will remain unchanged. STC will announce the financial impact of the IPO on the Binariang Group after being reviewed by financial auditors,” Saudi Telecom said. Maxis controls 40 percent of the Malaysian mobile market. The listed company will house just the Malaysian business, leaving the fast-growing Indian and Indonesian operations with its unlisted parent, Maxis Communications Bhd. Malaysia's leading mobile operator controlled by Srilankan-origin businessman has raised the largest ever IPO in South-East Asia running into $3.3 billion and plans to invest it in India. Maxis plans to invest the huge money raised in booming Indian and Indonesian markets and to cut debt. Officials said the listing was for only Maxis, the parent company.
