TM divests bulk of its remaining shares in Axiata

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).’