TM divests bulk of its remaining shares in Axiata

27 Jul 2011

Malaysian fixed line incumbent Telekom Malaysia™ has reportedly divested almost all of its remaining shares in Axiata, a telecoms group with strategic mobile and non-mobile telecommunications operations across Malaysia, Indonesia, Sri Lanka, Bangladesh, Cambodia, India, Singapore, Iran, Pakistan and Thailand. According to TeleGeography’s GlobalComms Database, Axiata was originally created as a holding company for the international interests of TM, before being demerged in April 2008 as part of a structural reorganisation implemented by the latter. As reported by The Star Online, in selling off 92.36 million shares in Axiata to third-party foreign investors at MYR5.07 (USD1.71) per share, TM raised around MYR468.3 million in total. With the shares held by TM’s wholly-owned unit TM Esos Management, the company noted in a statement to the local bourse after the sale: ‘Accordingly, the balance [of] Axiata shares held by TM Esos after the placement is 807 shares. We wish to highlight that TM Esos may dispose of the balance sale shares via open market disposal(s).’

Malaysia, Axiata, Telekom Malaysia