Axiata denies claims of impending merger with Telekom Malaysia

24 Mar 2017

Following recent speculation that a merger between Malaysia-based telecoms group Axiata and Telekom Malaysia is being considered, the former has firmly put paid to such suggestions. According to the New Straits Times, Axiata has claimed that a recent article by an online source regarding a likely merger between it and Telekom Malaysia was merely speculative. In line with this, in a filing with the Bursa Malaysia the company was cited as saying: ‘Axiata wishes to specifically deny that it is currently engaged in any discussions with TM on a possible merger … Axiata is committed to ensuring that material information is disseminated on a timely basis, and should there be any material information regarding the company, Axiata will comply with its obligations under the Main Market Listing Requirements of Bursa Securities.’

As noted in TeleGeography’s GlobalComms Database, Axiata was previously known as Telekom Malaysia International (TMI), and was originally a holding company for the international assets of Telekom Malaysia. The group was demerged in April 2008 as part of a structural reorganisation, with TMI listed on the Bursa Malaysia that same month in a move which saw it become one of the top ten largest public limited companies by market capitalisation in the country. It subsequently took on the Axiata name in April 2009, in a bid to both distance itself from Telekom Malaysia and establish itself as an independent regional entity with its own distinct aspirations and strategies.

Malaysia, Axiata, Telekom Malaysia