ACQUISITION OF ADDITIONAL 12.5% STAKE IN EDOTCO MYANMAR LIMITED
We refer to the announcement dated 4 December 2015 on; inter-alia, the completion of the acquisition by edotco Investments, a wholly owned subsidiary of edotco Group, of 75% equity interest in DAH (now known as edotco Investments Singapore Pte. Ltd (“edotco SG”)), the parent company of MTC (now known as edotco Myanmar Limited (“edotco MM”)) and entry by edotco Investments, into a Put and Call Option Agreement with YSH Finance for the sale and purchase of the Option Shares. Unless stated otherwise, the definitions used herein shall have the same meanings as set out in the said announcement.
We are pleased to announce that edotco Investments had today, entered into a Sale and Purchase Agreement (“SPA”) with YSH Finance for the acquisition of 250,000 ordinary shares in the share capital of edotco SG. The acquisition, representing 12.5% of the Options Shares, at a cash consideration of USD35.0 million (“Consideration”) was arrived after taking into consideration; inter-alia, the actual 12-month EBITDA performance of edotco MM up to 30 September 2016 and assignment and transfer of outstanding loans advance by YSH Finance to edotco SG.
Following the completion of the acquisition and the SPA becoming unconditional, the Put and Call Option Agreement will be terminated and parties will execute a revised amended and restated shareholders agreement including a right of first offer to edotco Investments in the event of a proposed sale by YSH Finance of the remaining Option Shares with the above Consideration as the base price. The SPA is conditional; inter-alia, certain consents and waivers being fulfilled latest by 31 December 2016, or such other date as agreed by the parties to the SPA.
Upon completion, edotco Group will hold 87.5% interest in edotco MM.
None of the Directors, major shareholders of Axiata and/or persons connected to them has any direct or indirect interest in the SPA.
This announcement is dated 7 November 2016.
|Company Name||AXIATA GROUP BERHAD|
|Date Announced||07 Nov 2016|
|Category||General Announcement for PLC|