Investors

We wish to announce that Dialog, a subsidiary of Axiata Group Berhad (“Axiata”), Axiata and Bharti Airtel Limited (“Bharti Airtel”), have today entered into various agreements between themselves (“Definitive Agreements”) for the acquisition of the entire issued shares of Airtel Lanka, a wholly-owned subsidiary of Bharti Airtel. Dialog will acquire 100% of the issued shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel by way of a share swap, new ordinary voting shares equivalent to 10.355% of the enlarged total issued shares of Dialog (“Proposed Transaction”).

The Proposed Transaction is subject to the approval of Dialog's shareholders and is pending the completion of specific conditions outlined in the Definitive Agreements, including clearance from the Colombo Stock Exchange (“CSE”) and completion of other regulatory compliance procedures.  

The Proposed Transaction is not expected to have any material effect on Axiata’s consolidated Net Assets (“NA”), NA per share, gearing and consolidated earnings for the financial year ending 31 December 2024.

None of the Directors and major shareholders of Axiata and/or persons connected to them have any direct or indirect interest in the Proposed Transaction.

The Board of Directors of Axiata, after having considered all aspects of the Proposed Transaction is of the opinion that it is in the best interests of Axiata.

The highest percentage ratio applicable to the Proposed Transaction pursuant to paragraph 10.02(g) of Main Market Listing Requirements of Bursa Malaysia is 2.60% based on the audited consolidated financial statements of Axiata for the financial period ended 31 December 2023.

This announcement is dated 18 April 2024.