Maxis Telecommunications Company, a Binariang Group company, is listed on the Malaysian Stock Exchange as of Thursday after offering 30 percent of its shares for public subscription. The IPO was covered by 230 percent and succeeded in becoming the largest IPO operation in the history of Malaysia and Southeast Asia. Eng. Saud Al Daweesh, president and CEO of Saudi Telecom Group, said the market value of Maxis has increased to $12.5 billion, which in turn results in an internal rate of return on STC's investment worth approximately 29 percent since the investment began in 2007. The internal rate of return for almost two years is considered large by any standard and reflects STC Group's successful investment vision. STC Group still controls 25 percent in Binariang Group with no changes to its direct or indirect shares in both Axis Company in Indonesia and Airsel Company in India. Al Daweesh further said the IPO revenues will be used to finance expansion programs of Binariang companies in both those countries, adding that: “STC group will continue to seek promising opportunities for expansion according to its investment strategies.” Considering the global crisis, from which the world's financial markets have been suffering for more than a year, the IPO is considered a great achievement that is the result of the company's excellent performance and good management of the IPO operation by STC and Binariang. The unprecedented interest in Maxis IPO confirms the leading market position it enjoys in Malaysia, where it ranks as the largest telecommunication services operator.
