Mitsui increases Smart Axiata stake to 20%

Japanese business group Mitsui & Co has increased its stake in Cambodian mobile operator Smart Axiata from 10% to 20%, reports Nikkei Asian Review. In May last year Malaysia’s Axiata Group entered into an agreement to sell a 10% stake in its Cambodian unit to Mitsui and its affiliate, while also granting the Tokyo-based trading firm a call option to acquire an additional 10% interest, exercisable within twelve months from the completion of the deal. The latest sale has reduced Axiata’s majority interest in Smart Axiata from 82.5% to 72.5%, with Southern Coast Ventures owning the remaining 7.5%.