PROPOSED DISPOSAL OF UP TO 20% STAKE IN AXIATA (CAMBODIA) HOLDINGS LIMITED, THE HOLDING COMPANY OF SMART AXIATA CO., LTD
We are pleased to announce that Axiata and its wholly owned subsidiary, Axiata Investments (Cambodia) Limited (“AIC”) had today entered into a Share Purchase Agreement (“SPA”) with M&Y Asia Telecom Holdings Pte. Ltd. (“MY Asia”) and Mitsui & Co., Ltd. (“Mitsui”) for the disposal by AIC of 226 ordinary shares of USD1.00 each in Axiata (Cambodia) Holdings Limited (formerly known as Glasswool Holdings Limited) (“ACH”), the holding company of Smart Axiata Co., Ltd, representing 10% of the total issued and paid-up share capital of ACH, for a total cash consideration of USD66.0 million (equivalent to approximately RM285.7 million) (“Initial Sale”). Mitsui and Axiata are the guarantors for MY Asia’s and AIC’s obligations, respectively under the SPA.
Pursuant to the Initial Sale, AIC also entered into an Amended and Restated Shareholders Agreement (“ARSA”) with MY Asia and Southern Coast Ventures Inc. (“SCV”) to govern their relationship as shareholders of ACH which includes inter-alia, a call option to MY Asia for further 10% stake in ACH (“Mitsui Call Option”).
(Initial Sale and Mitsui Call Option are referred to hereafter as “Proposed Disposal”)
Please refer to the attachment for the full announcement in relation to the Proposed Disposal. Also attached is the media release in relation to the Proposed Disposal.
This announcement is dated 19 May 2017.
|Company Name||AXIATA GROUP BERHAD|
|Date Announced||19 May 2017|
|Category||General Announcement for PLC|