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Axiata Group Berhad | Annual Report 2016
FINANCIAL STATEMENTS
248
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016
45. RE-PRESENTATION
The Group comparatives of the following components have been re-presented to better reflect the nature of the transaction:
As previously
reported
RM'000
Re-presentation
RM'000
As
re-presented
RM'000
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
- other reserve
(172,753)
172,753
-
Consolidated statement of changes in equity:
Other comprehensive income
(172,753)
172,753
-
Transaction with owners:
- put option over NCI
-
(172,753)
(172,753)
46. EVENTS AFTER REPORTING PERIOD
(a) Incorporation of Axiata Digital Ecode Sdn Bhd (“ADE”)
Axiata Digital Services Sdn Bhd (“ADS”), a wholly-owned subsidiary of the Company, had on 9 January 2017 completed the incorporation of
ADE (Company No. 1214970-T), a private company limited by shares, under the Companies Act, 1965.
ADE was incorporated with an authorised share capital of RM400,000 divided into 400,000 ordinary shares of RM1 each. The issued and paid-
up share capital of ADE is RM2 and its intended principal activities are to carry out the business of researching and developing internet services
and mobile applications.
(b) Acquisition of 31.01% additional interest in edotco Bangladesh Co. Ltd.
The Call Option exercise to acquire 31.01% of the issued and paid up capital of edotco Bangladesh Co Ltd (“edotco BD”) pursuant to SPA
dated 5 November 2014 was completed on 19 January 2017 by edotco Group. Accordingly, the Group’s effective interest in edotco BD
increased from 84.03% to 93.74% before the private exercise mentioned below.
(c) Proposed private placement of edotco Group and proposed share divestment on edotco Group
On 18 January 2017, the following agreements were signed:
i.
Share Subscription Agreement between edotco Group and Innovation Network Corporation of Japan (“INCJ”) on the subscription
by INCJ of up to 546,539,249 ordinary Shares of RM1 each in edotco Group for a total cash consideration of up to USD400.0 million
(equivalent to RM1,778.2 million); and
ii.
Share Purchase Agreement between the Company and Mount Bintang Ventures Sdn. Bhd. (“MBVSB”), a wholly owned subsidiary
of Khazanah Nasional Berhad for the purchase by MBVSB of 273,269,624 edotco’s ordinary shares at a purchase consideration of
USD200.0 million (equivalent to RM899.1 million).
The private placement and the divestment were completed on 27 January 2017 with 409,904,436 edotco Group’s ordinary shares were issued
to INCJ, at a cash consideration of USD300.0 million (equivalent to RM1,329.1 million) and 273,269,624 edotco Group’s ordinary shares were
disposed to MBVSB at a purchase consideration of USD200.0 million (equivalent to RM888.9 million). On the date of completion, each of the
Company, INCJ and Khazanah holds 69.88%, 18.07% and 12.05% respectively in edotco Group.