Investors

We refer to the announcement dated 30 July 2021 in relation to the non-binding term sheet with Asia Link Dewa Pte. Ltd. and PT First Media Tbk (collectively referred to as the “Sellers”) to facilitate discussions and negotiations for the Proposed Acquisition (as defined herein).

On behalf of the Board of Directors of Axiata, Maybank Investment Bank Berhad wishes to announce that Axiata Investments (Indonesia) Sdn Bhd (“AII”), an indirect wholly-owned subsidiary of Axiata, and PT XL Axiata Tbk (“XL”), an indirect 61.48% owned subsidiary of Axiata, have on 27 January 2022 entered into a conditional share purchase agreement with the Sellers for the proposed acquisition of 1,816,735,484 ordinary shares in PT Link Net Tbk (“Link Net”) (“Link Net Shares”), representing approximately 66.03% equity interest in Link Net for a total cash consideration of Indonesian Rupiah 8,720,330,323,200 (equivalent to approximately RM2,546,336,454) (“Proposed Acquisition”).

Upon completion of the Proposed Acquisition, the aggregate shareholdings of AII and XL in Link Net will increase from nil to 66.03% resulting in a change of control of Link Net, following which AII will be obligated to undertake the proposed mandatory tender offer (“MTO”) to acquire all the remaining Link Net Shares not owned by AII and XL after the Proposed Acquisition (“Proposed MTO”) pursuant to OJK Regulation No. 9/POJK.04/2018 on Public Company Takeover issued by the Indonesian Financial Services Authority (Otoritas Jasa Keuangan).

Please refer to the attachment for details on the Proposals.

This announcement is dated 27 January 2022.