DUBAI (Sept 19): Saudi Telecom Co is exploring options for its indirect stake in billionaire T. Ananda Krishnan’s Maxis Bhd, the second-largest Malaysian wireless carrier by market value, people with knowledge of the matter said. The Binariang holding gives Saudi Telecom an effective 16.2% interest in Maxis valued at about US$1.8 billion, data compiled by Bloomberg show. Binariang also owns a majority stake in Indian wireless carrier Aircel Ltd, which is merging with larger rival Reliance Communications Ltd.Saudi Telecom hasn’t started a formal auction process for its Binariang stake and could decide to keep it, according to the people. Saudi Telecom fell 2% to 55.25 riyals at 3:51 pm. Saudi Telecom said in July it’s working with domestic competitor Etihad Etisalat Co to explore options for their tower networks.

Source: The Edge Markets September 19, 2016 12:25 UTC