The country's top mobile operator Maxis Communications said it will borrow RM1.76 billion to repay debt and to finance investments.

Chief executive officer Jamaludin Ibrahim said the company was evaluating how much money it could raise in the current market.

"The prime purpose is for our own re-financing. The rest is just finding out to what extent we can go for just in case we need money," he was quoted as saying by Bernama news agency.

Regional expansion

Maxis, controlled by tycoon Ananda Krishnan, is Malaysia's premier telecommunications company providing voice and data services.

Last month Maxis said it may expand into regional markets like India and neighbouring Indonesia within the next two years in search of new business opportunities.

As of end-March 2004, Maxis had a total of 4.88 million customers.

Maxis reported first quarter net profit growth of 12.8 percent year-on-year to RM326 million on sales of RM1.35 billion.