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Tycoon T. Anankrishnan looks set to take Maxis private.

The special vehicle used to facilitate the privatisation of maxis is Binariang GSM Sdn Bhd, a company owned jointly by AK's Usaha Tegas Sdn Bhd and its affiliates.

Binariang is offering to buy the outstanding 2.53 billion shares in the company that Ananda does not already own. The offer price is RM15.60 per share and in cash.

Maxis shares, now still suspended from trading pending further details of the privatisation offer, were last traded at RM13.00.

As at May 2, parties representing 59.53% shareholdings in Maxis have acted in concert acceptance to the offer by giving their undertakings, Binarang said in a statement issued by CIMB Investment Bank and picked up by Bernama this afternoon.

At this point in time, Binariang positioned the privitisation exercise as a conditional takeover offer.

Binariang said in the event that Maxis does not comply with the shareholdings spread requirement of Bursa Malaysia of at least 25% are in the hands of a minimum 1,000 public shareholders, it does not intend to maintain the listing status of Maxis.

On the other hand, Agence France-Presse (AFP) quoted Binariang chairman Raja Arshad Raja Uda as saying that Maxis planned to make substantial investments to expand overseas and by taking full control, management will have greater flexibility to manage its capital expenditure.

He told reporters Maxis will likely be re-listed on Malaysia's bourse once its expansion plans have taken root and earnings have stabilised.

According to Bernama, Binariang is currently dormant and its current intended principal activity is investment holding.

The nine shareholders of Binariang include Usaha Tegas Sdn Bhd, T. Ananda Krishan, Maxis Holdings Sdn Bhd, Usaha Tegas Equity Sdn Bhd, and Global Multimedia Technologies (BVI) Ltd.