Axiata planning to sell non-core assets

13 Oct 2009

Malaysian telecoms group Axiata has revealed it plans to divest what it considers its non-core assets according to comments by the company’s chief executive, Reuters reports. The group will look at selling off its interests in companies such as Pakistan-based Multinet, as well as Samart Corp and Samart I-Mobile in Thailand. ‘Divestment of our non-core assets, which are our non-mobile [network operating] assets, is something we are looking at,’ Axiata CEO Jamaludin Ibrahim said of the plans. It is understood that the group is considering the proposals with a view to allowing it to focus on its core areas of business so that it can stay ahead of its rivals.

In addition, it was reported that Axiata is not actively seeking acquisitions, instead the group is looking to grow its existing businesses organically. ‘[Africa and the Middle East] is not high on our priority list. We are focusing on the South and Southeast Asian markets which offer low penetration and high growth potential,’ Jamaludin said, adding however, ‘We would consider something if the value is right and attractive.’

Malaysia, Axiata