The sky is the limit: T. Ananda Krishnan

THE bird is aloft and all seems well with the four listed companies controlled by T. Ananda Krishnan (or AK, as he is often known). The successful launch of the Measat-3 satellite last December is a fitting coda for a year in which investors were at times noticeably less enamoured with the AK magic than in the past.

The combined market capitalisation of the companies – Maxis Communications Bhd, Measat Global Bhd, Astro All-Asia Networks plc and Tanjong plc – stood at RM42bil as at Dec 29.

That was a 10.5% improvement over the figure in April, when it had become apparent that the market's interest in Maxis, Astro and Measat had waned. The culprits - the prolonged delay in sending up Measat-3, uncertainty over the overseas ventures of Maxis and Astro, and operational hitches at Astro.

Clearly, these concerns have been addressed. The total market capitalisation of the four companies is now inching towards RM45bil.

With Measat-3 in orbit, Astro can now pursue its plans to introduce more channels - a vital part of its growth plan. Maxis' share price has also surged recently on anticipation that its investment in an Indian mobile operator will drive earnings expansion.

The share performance of the companies last year illustrates a key point about AK – one needs to be able see distant horizons to share the tycoon's vision of where his businesses are heading.

AK is without doubt a man who thinks big and who is unafraid to venture into new fields. Malaysia has its fair share of bold and far-sighted entrepreneurs, but who else, other than AK, has the right stuff to put together a platform of new economy businesses comprising Maxis, Astro and Measat?

At the same time, he has done well in traditional bricks-and-mortar businesses such as power, oil and gas, property development and gaming.

AK went for scale and grandeur as well when he teamed up with Petroliam Nasional Bhd (Petronas) to develop the iconic Kuala Lumpur City Centre project on the former site of the Selangor Turf Club. However, he has since sold his interest in the developer.

He is, of course, almost as well-known for his insistence on staying in the background as he is for his business instincts. For example, he is not a director of any of his listed companies. A rare appearance by him at a public function is sometimes a minor news event of its own.

But AK's aversion to publicity has not prevented the emergence of a body of oft-repeated tales about him. These include how he first found fortune in oil and gas, his role as adviser to then Finance Minister Tengku Razaleigh Hamzah in the early days of Petronas and his part in the staging of the groundbreaking Live Aid charity concerts. – By Errol Oh