Would You Be Happy IF Maxis Is Listed Once More?

On the Business Times.

• Market abuzz over possible Maxis relisting
  
  By Chong Pooi KoonPublished: 2009/07/23
  
  News of a potential relisting of Maxis Communications Bhd, the country's biggest mobile phone operator valued at some RM40 billion before it was taken private in 2007 by tycoon T. Ananda Krishnan, saw the market all abuzz yesterday.
  
  It has drawn mixed reaction from analysts, with some doubting that the deal would help the company since Bursa Malaysia is still way off its historical high even after the recent rally.
  
  "Why now? Ordinarily, you'd say now is not the best time (for an initial public offering (IPO))," said Khair Mirza, a senior telecommunications analyst with Maybank Investment Bank.
  
  "Still, the company's requirement to raise fund through the debt market could be cheaper if it were listed," he told Business Times.
  
  However, some analysts said the plan makes sense because being a public-listed company will allow Maxis to raise cheaper funds for expansion from the bond market.
  
  In a media briefing on his working visit to Saudi Arabia yesterday, Prime Minister Datuk Seri Najib Razak said he had suggested Maxis be relisted to help attract investors to the local stock exchange.
  
  The premier had discussed the Maxis IPO proposal with King Abdullah Abdulaziz Al Saud as Saudi Telecom Co, which owns 25 per cent of Maxis, is a government-linked company.
  
  The potential listing is expected to boost the profile of the Malaysia-Saudi partnership while enlarging the size of the local stock market. A large and global IPO like Maxis will also help profile Malaysia to international investors.
  
  Maxis, whose management was meeting to work out a response to the Prime Minister's statement, decided late last night not to issue a press statement.

Would I be jumping for joy on such news?

NO, NO, NO, NOOOOoooooooooooooooooooooo!

I find it utterly shambolic that a listed company can list and delist as per their wimps and fancy.

Does the company think that the Bursa is revolving door? A hotel Kuala Lumpur where one can check in and out anytime they like?

Yup, it will utterly make a mockery for the stock exchange if this would happen!

List, delist, list, delist....... (macam mana ni? kambing or going? )

And how about the minority shareholders, the long term investors?

How can an investor invest long term when the company has the option of listing and delisting anytime?

My say?

If they want to delist after listing, fine. Just don't let them re-list again man!

Sorry but this is my flawed opinion.

But sadly, the stock exchange, as a listed entity, from a business perspective, such a listing would only generate revenue. And more revenue means more cash. Why would Bursa say 'no' from a business perspective?

Sigh.

Such is the quality of our stock exchange.

Hence, I reckon that despite Maxis making a fool of the exchange previously by delisting, I do have a strange sick feeling that such an exercise could very well happen.

Hope and I pray very hard that I am wrong!