Ananda Krishnan leaves behind indelible mark in corporate Malaysia

KUALA LUMPUR - Ananda Krishnan, who died today aged 86, leaves an indelible mark in corporate Malaysia having founded several top-notch companies and emerging as among Malaysia’s richest men.

Born in Brickfields, here, Ananda founded and built companies in telecommunications, satellite television, oilfield services, and property development - industries that have become integral to Malaysia’s corporate landscape.

His companies, from operating TGV Cinemas to Maxis Bhd, Astro Holdings, Bumi Armada, Measat Satellite Systems, and Tanjong Plc, along with the products they offered, have become household names in Malaysia.

Measat, then known as Binariang Sdn Bhd, launched its first two satellites in 1996, thereby propelling Malaysia into the space industry.

It paved the way for reliable telephone and data transmission services throughout the country.

A statement today by his flagship investment company, Usaha Tegas Sdn Bhd, of which he is chairman, said Ananda had made significant contributions to nation-building and the corporate world.

"His philanthropic initiatives have touched many lives. We humbly ask that the family’s wishes to mourn in private be respected,” the company said.

Ananda was undoubtedly a visionary entrepreneur and philanthropist, known for his deal-maker moves and corporate manoeuvres, especially in the media and telecommunications landscape.

Despite his billionaire status, Ananda was a private person with a quiet demeanour and shunned media publicity.

Nonetheless, his corporate moves were the talk of the business world not only in Malaysia but also in other countries through his ventures across many sectors, which also included oil-related services.

He is survived by his son, Ven Ajahn Siripanyo, whose mother, Momwajarongse Suprinda Chakraban, is of Thai royal descent. Ven later became a Buddhist monk.

Ananda also has two daughters.

It is little known in Malaysia but Ananda had reportedly helped finance the Live Aid concert, the biggest and most significant concert in 1985, which featured a phenomenal performance by rock band Queen and their frontman Freddie Mercury.

According to Forbes, Ananda, a devoted Buddhist, helped raise US$240 million for the Live Aid concert for African famine relief.

He reportedly had a net worth of US$5.1 billion as of Nov 27 this year, according to Forbes’ World Real Time Billionaires List, making him the third wealthiest Malaysian.

EARLY LIFE AND CAREER

Born in 1938 in Brickfields, Kuala Lumpur, Ananda’s lineage can be traced back to Sri Lanka.

His academic journey began at Vivekananda Tamil School and the prestigious Victoria Institution in Kuala Lumpur.

He pursued a Bachelor’s degree in Political Science and Economics at the University of Melbourne and later earned an MBA from Harvard University.

Ananda started his career by founding a consulting firm, MAI Holdings Sdn Bhd, before venturing into the oil and gas industry through Exoil Trading, securing exploration permits in various countries.

His business acumen then led to the creation of a vast empire spanning multiple sectors including telecommunications (Maxis Bhd), media and satellite (Astro and Measat), oil and gas (Bumi Armada), controlled Tanjong Public Ltd Company, encompassing TGV Cinemas and leisure operations.

Ananda was also involved in real estate development.

CORPORATE MANOEUVRES IN THE SPOTLIGHT

Ananda, who founded Maxis Bhd on April 1, 1993, foresaw many milestones in the telecommunications company, making it among the top 30 companies in Bursa Malaysia’s FBM KLCI index, as well as the top three key industry players.

One of the moves included taking the firm private in 2007, considered one of the biggest buyouts in corporate Malaysia, for a whopping RM16.4 billion and relisting it on Nov 19, 2009.

Maxis then grew to become among the top 30 companies in Bursa Malaysia’s FBM KLCI index and among the three largest telecommunications providers.

Maxis now has more than 13 million customers while the satellite operator Measat, which is running the world-class MEASAT Teleport and Broadcast Centre in Cyberjaya, has a satellite footprint covering 130 countries.

On July 16 this year, Ananda was again in the spotlight, with market talk suggesting that Maxis was exploring a buy-out of U Mobile Sdn Bhd.

However, it was later confirmed by a foreign news agency that Tan Sri Vincent Tan, who is among the major shareholders of U Mobile, had rejected the offer.

More recently there was news that oil field services company, Bumi Armada Bhd, also controlled by Ananda, was said to be considering buying MISC Bhd’s offshore energy business.

Following that, it was reported that the two companies were exploring a merger, particularly involving Bumi Armada’s floating production, storage and offloading (FPSO) assets.

HELPING THOSE IN NEED

Known for his philanthropic works, Ananda played a crucial role in global events like Live Aid, leveraging media platforms to drive charitable initiatives.

He has consistently contributed to charitable causes, donating to temples, educational institutions and other organisations.

Other charitable works were through foundations such as Harapan Nusantara and the Yu Cai Foundation, which provides scholarships to local students and supports educational development.

Ananda will be remembered as a pioneer who transformed Malaysia’s media, telecommunications, and entertainment sectors.

His innovations and contributions undoubtedly elevated Malaysia’s standing in global business and technology. - BERNAMA