Axiata strives to raise our shareholder value by striking a balance between
short-term profitability and long-term growth.
| Type | Announcement |
| Subject | OTHERS |
| Description |
AXIATA INVESTMENTS (UK) LIMITED AND NCELL PRIVATE LIMITED SUBMIT REQUEST FOR ARBITRATION AGAINST FEDERAL DEMOCRATIC REPUBLIC OF NEPAL UNDER BILATERAL INVESTMENT TREATY |
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1. REQUEST FOR ARBITRATION
Axiata Group Berhad ("Axiata") wishes to inform that Axiata Investments (UK) Limited ("Axiata UK") and Ncell Private Limited ("Ncell"), its wholly owned subsidiary and indirect 80% owned subsidiary respectively, have filed a Request for Arbitration ("Request") with the International Centre for the Settlement of Investment Disputes ("ICSID") pursuant to the Agreement dated 2 March 1993 between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Nepal for the Promotion and Protection of Investments ("Bilateral Investment Treaty"). The Government of Nepal was notified of the Request today. |
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2. DETAILS OF THE REQUEST
Axiata UK and Ncell's claims as set out in the Request relate to Nepal's conduct in contravention of its international law obligations under the Bilateral Investment Treaty.
In particular, the claims relate to Nepal's conduct in imposing capital gains tax in connection with Axiata UK's acquisition of 100% of the shares of Reynolds Holding Limited, which owns 80% of the shares of Ncell. More details of the imposition of capital gains tax on Ncell are as set out in the announcement made by Axiata on 22 April 2019.
3. FURTHER MATERIAL DEVELOPMENTS
Axiata will make further announcements upon material developments arising from the Request.
This announcement is dated 26 April 2019
| Company Name | AXIATA GROUP BERHAD |
| Stock Name | AXIATA |
| Date Announced | 26 Apr 2019 |
| Category | General Announcement for PLC |
| Reference Number | GA1-26042019-00120 |