Investors

The Board of Directors of Axiata Group Berhad (“Axiata”) wishes to announce that ADA Digital Singapore Pte Ltd (“ADAS”), a subsidiary of Axiata held via Axiata Digital Advertising Sdn Bhd (“ADA”), had on 31 October 2019 commenced the voluntary liquidation and dissolution (“Voluntary Liquidation and Dissolution”) of its subsidiaries as follows:

1. Adknowledge Asia Singapore Pte Ltd (“AAS”) pursuant to the Singapore Companies Act Chapter 50. In relation thereto, Mr Don M Ho and Mr David Ho (“Liquidators”) of M/s DHA+ pac of 63 Market Street #05-01A Bank of Singapore Centre, Singapore 048942 were appointed as Joint and Several Liquidators of AAS.
2. Adknowledge Asia Hong Kong Limited (“ADK HK”) pursuant to the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32). In relation thereto, Amy S P Ho and Caron M Y Lee, (“Liquidator”) of Tricor Services Limited of Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong were appointed as the Liquidators for ADK HK.
3. Komli Asia Holdings Pte Ltd (“KAH”) pursuant to the Singapore Companies Act Chapter 50. In relation thereto, Mr Don M Ho and Mr David Ho (“Liquidators”) of M/s DHA+ pac of 63 Market Street #05-01A Bank of Singapore Centre, Singapore 048942 were appointed as Joint and Several Liquidators of KAH.
4. Komli Network Philippines Inc (“KNPI”) pursuant to the Corporation Code of the Philippines R.A 112321. In relation thereto, Ninel Rubio Tayag, (“Liquidator”) of Tayag and Associates Law Office of No. 118 Concha Cruz Drive, BF Homes Paranaque, Manila, Philippines was appointed as the Liquidator for KNPI.

(“Voluntary Liquidation and Dissolution of Subsidiaries of ADAS”)

The Voluntary Liquidation and Dissolution of Subsidiaries of ADAS are expected to be completed between six (6) to twenty-four (24) months from the date of appointment of the Liquidators.

Information on the Subsidiaries of ADAS

1. AAS was incorporated in Singapore on 3 ­­­October 2007. Its present authorised capital is SGD250,000 comprising 250,000 ordinary shares of par SGD1 each. Its present issued, and paid-up capital is SGD250,000. AAS business activities has been dormant since 2017.
2. ADK HK was incorporated in Hong Kong on 15 June 2007. Its present authorised capital is HKD58,291,600.00 comprising 58,291,600.00 ordinary shares of par HKD1 each. Its present issued, and paid-up capital is HKD58,291,600.00. ADK HK business activities are investment holding since incorporation.
3. KAH was incorporated in Singapore on 29 March 2012. Its present authorised capital is SGD17,873,932 comprising 17,873,032 ordinary shares of par SGD1 each. Its present issued, and paid-up capital is SGD17,873,932. KAH business activities are investment holding since incorporation.
4. KNPI was incorporated in Philippines on 28 February 2008. Its present authorised capital is P5,000,000.00 comprising 50,000 ordinary shares of par P100 each. Its present issued, and paid-up capital is P1,250,000 comprising 12,500 ordinary shares of par P100 each. KNPI business activities has been dormant since 2019.

Rationale for the Voluntary Liquidation and Dissolution of Subsidiaries of ADAS

1. The Voluntary Liquidation and Dissolution of Subsidiaries of ADAS is a formal dissolution and liquidation of redundant and unused entities.
2. All activity for AAS in Singapore has been transferred to another Singapore entity, ADAS in 2018. Hence, there are cost savings arising from administration and compliance fees in maintaining only one local entity.
3. ADK HK has always been an investment holding and had not been actively trading. Hence, there will be cost savings from administration and compliance fees upon ADK’s liquidation.
4. KAH has always been an investment holding and had not been actively trading. Hence, there will be cost savings from administration and compliance fees in maintaining only one local entity.
5. All activity for KNPI in Philippines has been transferred to another Philippines entity, ADA Digital Philippines Inc, a subsidiary of ADAS in 2017. Hence, there are cost savings arising from administration and compliance fees in maintaining only one local entity.

Financial or Operational Effects of the Dissolution
The Voluntary Liquidation and Dissolution of ADAS subsidiaries will not have any financial or operational effect on Axiata Group.

Cost of Investment of the following Subsidiaries of ADAS

The cost of Investment of the subsidiaries of ADAS are as follows:

Directors’ and/or Major Shareholders’ Interest

None of the Directors and/or major shareholders of Axiata and/or persons connected to them have any direct or indirect interest in the Voluntary Liquidation and Dissolution of subsidiaries of ADAS.

This announcement is dated 1 November 2019.