(AFP) A Malaysian tycoon has bought a combined 46 percent stake in Maxis Communications from British Telecommunications Plc (BT) and US operator MediaOne Group Inc. for RM3.1 billion.

Analysts today said the deal could be a prelude to list Malaysia's largest cellular-phone operator Maxis to fund its expansion and reported plans to bid for Singapore's MobileOne Ltd.

Tycoon Ananda Krishnan was reported to have bought the stake from BT and MediaOne for about RM2.58 billion.

But the reports added the total cost would rise to RM3.1 billion as Ananda's company Usaha Tegas would also takeover Maxis' debts previously guaranteed by BT and MediaOne.

The purchases raised Ananda's interest in Maxis from 24 to 70 percent.

Analysts close to the deal said Ananda, through Maxis, was preparing to bid for MobileOne for about RM1.2 billion.

Maxis officials declined to comment on the deal when contacted.

Pankaj Kumar, research manager at OSK Research, said the deal sparked talks that Ananda may initiate a backdoor listing for Maxis.

There are presently three public listed companies - Kedah Cement Holdings, Prime Utilities and Phileo Allied - seeking new businesses and assets, he said.

"We would not be surprised if Ananda's next move will be to inject his prized possession, Maxis, into one of these companies," Pankaj told AFX-Asia , an AFP-owned financial news wire.

Strategy

One research chief at a foreign brokerage said it was logical for Ananda to list Maxis to fund its reported bid for MobileOne.

"How else could you raise the money for MobileOne?" he said.

Another research manager said Ananda's repurchase of the Maxis stakes from BT and MediaOne indicated a lack of foreign buyers, which could spell trouble for other Malaysian operators seeking foreign partners.

He said there were talks that Ananda was planning a strategy to concentrate on Maxis mobile services.

"We heard that they may cut off the fixed line services and the rest to focus on mobile. If that is the case, it makes sense for him to try to bid for MobileOne," he added.

According to reports, MobileOne has not identified buyers but industry executives said other prospective bidders include Vodafone Group and Japan's NTT DoCoMo Inc.

Even if Ananda fails to win MobileOne, analysts said a bid would raise Maxis' profile among global telecommunications players.

Ananda's company Usaha Tegas also controls satellite broadcasting operator Measat and gaming company Tanjong Plc.

Last month, Measat announced a reverse takeover deal with Malaysian Tobacco Company that would give its unit Binariang - which operates Malaysia's satellite pay-TV system - a backdoor listing.