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Extension Of Time To Comply With Condition Imposed By The Securities Commission ("SC") In Relation To Transmission Towers And Rooftop Sites ("Outdoor Structures") Owned By The Celcom Axiata Berhad (Formerly Known As Celcom (Malaysia) Berhad) Group Of Companies ("Celcom Group")

Back 22 Feb 2010
Date Announced : 22/02/2010  




Type : Announcement
Subject :
AXIATA GROUP BERHAD (FORMERLY KNOWN AS TM INTERNATIONAL BERHAD) (“AXIATA”)

EXTENSION OF TIME TO COMPLY WITH CONDITION IMPOSED BY THE SECURITIES COMMISSION (“SC”) IN RELATION TO TRANSMISSION TOWERS AND ROOFTOP SITES (“OUTDOOR STRUCTURES”) OWNED BY THE CELCOM AXIATA BERHAD (FORMERLY KNOWN AS CELCOM (MALAYSIA) BERHAD) GROUP OF COMPANIES (“CELCOM GROUP”)

Contents :
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Announcement Details :

We refer to the announcement made by Telekom Malaysia Berhad (“TM”) on 4 February 2008 (“Previous Announcement”) in relation to the following:

(i)         proposed demerger of the TM group of companies;

 (ii)        proposed listing of the entire issued and paid-up ordinary share capital of Axiata on the Main Board (now known as the Main Market) of Bursa Malaysia Securities Berhad (“Bursa Securities”); and

(iii)       proposed issuance of up to 10% of the enlarged share capital of Axiata,

 (collectively the “Previous Proposals”).

As stated in the Previous Announcement, the SC’s approval for the Previous Proposals was subject to, amongst others, Axiata obtaining the relevant approvals for Outdoor Structures within 2 years from the date of the SC’s approval letter dated 30 January 2008 (“Initial Approval Letter”) (i.e. 29 January 2010).

As at 17 February 2010, the status of the applications for Outdoor Structures (which are subject to the SC’s condition above) are as follows:

(i)         39 Outdoor Structures are pending approval from local authorities; and

(ii)        initial applications for 72 Outdoor Structures have been declined, and the Celcom Group is in the midst of appealing to the relevant local authorities with respect to such applications.

On behalf of Axiata, we, CIMB Investment Bank Berhad (“CIMB”) wish to announce that the SC had, through its letter dated 12 February 2010 which was received on 19 February 2010, granted an extension of time of 2 years (i.e. up to 29 January 2012) for Axiata to obtain the necessary approvals for the said Outdoor Structures.

As part of the extension of time, the other relevant conditions in the Initial Approval Letter will continue to be met, namely:

(i)         Axiata to make quarterly announcements on the status of application on the Outdoor Structures to Bursa Securities until such approvals are obtained; and

(ii)        CIMB/Axiata to update the SC on the status of the application on the Outdoor Structures every quarter until such approvals are obtained.

This announcement is dated 22 February 2010.

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