Malaysian billionaire T. Ananda Krishnan, founder of Maxis telco and Astro media firm, dies at 86
The businessman, said to be a close associate of former prime minister Mahathir Mohamad, is also known for his pivotal role in the development of iconic landmarks such as the Petronas Twin Towers and its surroundings.
SINGAPORE: Malaysian tycoon Ananda Krishnan Tatparanandam, known for his pivotal role in the development of iconic landmarks such as the Petronas Twin Towers and its surroundings, died on Thursday (Nov 28) at the age of 86.
His death was confirmed by his private investment company, Usaha Tegas, in a statement.
“He has made significant contributions to nation-building and the corporate world and his philanthropic initiatives have touched many lives,” said the company.
“We humbly ask that the family’s wishes to mourn in private be respected.”
Ananda is listed by Forbes as the sixth-richest person in Malaysia with a net worth of US$5.1 billion.
The Harvard-trained businessman was the founder of Malaysia’s second-largest mobile operator Maxis as well as media and entertainment company Astro Malaysia Holdings, which serves over 66 per cent of television households in the country, according to its official website.
His rise to prominence was closely linked to Malaysia’s economic boom of the 1980s and 1990s, when he was closely associated with then-prime minister Dr Mahathir Mohamad, reported Business Today.
News portal The Edge Malaysia reported that Ananda made his first millions as an oil trader after being recruited by former finance minister Tengku Razaleigh Hamzah in the 1970s to join the state oil firm Petronas.
He was the founding director of the firm for two years in the mid-1980s and also served as a “low-profile director” of the central bank, Bank Negara.
He sold Dr Mahathir the idea of building the iconic 88-storey Petronas Twin Towers in the early 1990s. According to The Edge Malaysia, Dr Mahathir had picked Ananda to lead the development of the tallest twin towers in the world and its surroundings in the Kuala Lumpur City Centre (KLCC).
As the founder of Maxis, Ananda was known for orchestrating a buyout of the top telecommunications firm in 2007 before the global financial crisis struck, a move that stirred frustration among shareholders.
He relisted it in 2009 in a US$3.3 billion public listing, creating a reputation for taking firms private and subsequently re-listing them to maximise value, The Edge Malaysia reported.
Ananda was a low-profile figure who rarely gave public interviews.
“Why should somebody be high profile anyway? I am just doing my job,” he once said in an interview.
He is survived by a son and two daughters.
