Investors

We wish to announce that Axiata Group Berhad (“Axiata”) had today entered into a non-binding Memorandum of Understanding (“MOU”) with:-

(a) PT Wahana Inti Nusantara (“WIN”);

(b) PT Global Nusa Data (“GND”); and

(c) PT Bali Media Telekomunikasi (“BMT”)

((a) to (c) collectively referred to as “Sinar Mas”) (Axiata and Sinar Mas collectively referred to as the “Parties” and each a “Party”) to mutually explore a proposed merger of XL and Smartfren (“Proposed Transaction”) to create a strong mobile telecommunications service provider in Indonesia (“MergeCo”).

The Proposed Transaction is at an early stage of evaluation with both Axiata and Sinar Mas intending to remain as joint controlling shareholders of MergeCo.

There is no certainty that the ongoing discussions between the Parties will result in the entry into any binding agreement nor the completion of the Proposed Transaction. Further progress with respect to the Proposed Transaction will amongst others, be subject to due diligence, preparation of joint plan, agreement of terms, signing of definitive agreements, and obtaining all required corporate and regulatory approvals.

Any key development in relation to this MOU will be announced as required.

This announcement is dated 15 May 2024.