Clifford Chance and Malaysian law firm Kadir Andri & Partners are advising cable television company Astro Malaysia Holdings Bhd. on an initial public offering in Kuala Lumpur that is expected to raise $1.75 billion.
 
The offering, which is expected to take place later in September or earlier in October, according to the Wall Street Journal, will be the third-largest in Malaysia this year, after Felda Global Ventures Holdings Bhd. $3.3 billion listing in June and IHH Healthcare $2 billion IPO in July.
 
Kuala Lumpur’s Bursa Malaysia has been the leading exchange in Asia for IPOs so far this year, buoyed by a spate of state-driven listings. Hong Kong, the world leader in IPOs for the past few years has seen a sharp slowdown in 2012. 
 
Astro is one of Malaysia’s largest cable television operators, and it also runs eight radio stations in the country. The company’s ownership is divided between local telecommunications tycoon Ananda Krishnan and the Malaysian sovereignt wealth fund Khazanah Nasional Bhd.
 
According to Astro’s prospectus, proceeds of the offering will be used for capital expenditures and the repayment of bank loans.

Clifford Chance is advising Astro on U.S. and English law while Malaysian firm Kadir, Andri is acting as local counsel.
 
Malaysian banks CIMB Group Holdings Bhd., Malayan Banking Bhd., and Rashid Hussein Bank Bhd. are acting as underwriters to the deal, and they are being represented Linklaters and Kuala Lumpur-based Zul Rafique & Partners
 
Email: jseah@alm.com .