The country's largest mobile operator Maxis Communications said today that controlling shareholder, businessman Ananda Krishna has made an offer to take the company private.

Maxis said in a statement to the Kuala Lumpur stock exchange that its substantial shareholder, Usaha Tegas - Ananda's private company - intends "to launch a voluntary general offer through a special purpose vehicle for all the ordinary shares of the company."

The notice is expected to be served on Maxis by Thursday.

Maxis requested today that its shares be suspended from trading on the exchange. The shares closed on Friday at RM13.00.

The company, which provides voice and data telecommunications services, posted a net profit of RM2.10 billion in 2006.

Its also owns mobile firms Aircel in India and PT Natrindo Telepon Selular in Indonesia.

Analysts said the general offer is likely to cost Malaysian tycoon, Ananda, who controls 46 percent of Maxis, almost RM18 billion to buy up the remaining 54 percent.

Plan to list Maxis elsewhere?

They said Ananda's unexpected takeover offer could be driven by a number of reasons and Hwang-DBS Vickers Research described the move as a surprise to the market.

"The main incentive that we foresee Usaha Tegas privatising Maxis would be that its Indian operation is growing extremely well," Hwang-DBS said in a research note.

When Maxis reported its 2006 earnings, it attributed part of its strong growth in earnings to Aircel, which it acquired early last year.

Aircel's mobile coverage in India extends to Chennai, Tamil Nadu, West Bengal, Orissa, Assam, North East and Jammu and Kashmir.

"We do not rule out the possibility that Usaha Tegas may list Maxis at another exchange," Hwang-DBS also said.

A telecom analyst at a local brokerage, who spoke on condition of anonymity, said speculation is now rife that Ananda may transfer Maxis' listing to another bourse.

"The privatisation exercise may be because Ananda feels the company is undervalued (but) market talk is that he plans to list Maxis elsewhere," the analyst told AFP .

Apart from Maxis, Ananda, has publicly traded interests in the country's pay TV operator Astro, gaming and power firm Tanjong and satellite services company Measat.

Ananda, 67, is one of Malaysia's wealthiest men.