Axiata Group Berhad Media Statement In Relation To Scheme of Amalgamation of Idea Cellular Limited (“Idea”)
Kuala Lumpur, 20 March 2017 – Axiata Group Berhad (Axiata or the Group) refers to the announcement made by Idea Cellular Ltd (Idea), a 19.8% associate company of Axiata, to the National Stock Exchange of India Ltd and Bombay Stock Exchange Ltd on 20 March 2017 on the approval of the Board of Directors of Idea on the scheme of amalgamation of Vodafone India Limited and its wholly owned subsidiary Vodafone Mobile Services Limited with Idea (Proposed Merger).
Axiata has been a significant and strategic shareholder in Idea for the last 9 years. As always, Axiata will ensure that the position of its shareholders are best addressed through among others, any industry consolidation or development. At the same time, Axiata will ensure that its investment position in Idea is maximized in terms of value and liquidity.
Hence, the Group is currently engaged in analysing all potential impact on Axiata arising from the Proposed Merger. The Group’s assessment of its position as a minority shareholder of Idea will be an extension of Axiata’s ongoing evaluation and analysis of its investment portfolio in its entirety.
Axiata’s next course of action, if any, will be based on the outcome of a comprehensive analysis based on the principles above which will maximise the benefits to the shareholders of Axiata.
About Axiata Group Berhad
As one of the largest Asian telecommunication companies, Axiata today operates in ten countries, servicing almost 300 million subscribers. With a diverse portfolio in mobile network operations, communications infrastructure services and digital services, the Group pieces together the best in connectivity, technology and people in its vision of Advancing Asia.
Axiata has controlling stakes in market leading mobile operators in South East Asia and South Asia. Axiata Group of companies operate under the brand name of ‘Celcom’ in Malaysia, ‘XL’ in Indonesia, ‘Dialog’ in Sri Lanka, ‘Robi’ in Bangladesh, ‘Smart’ in Cambodia and 'Ncell' in Nepal. Further to this, the Group also holds strategic interests in ‘Idea’ in India and ‘M1’ in Singapore.
‘edotco’, the Group’s infrastructure company, operates in six countries to deliver telecommunications infrastructure services, amassing a portfolio of over 16,000 towers and 12,000 km of fibre. It aims to be one of the top regional tower companies and is committed to responsible and sustainable business operations.
Axiata Digital (AD), its digital services arm, captures the rapid growth in internet-based businesses through its portfolio of 24 digital brands, servicing growing demands in mobile money, mobile adverting, e-commerce, entertainment and education.
As a committed and long-term investor, Axiata provides employment to 25,000 people within its operations. In line with its sustainability goals, the Group actively supports and drives young talent development; disaster response and recovery; as well as green initiatives.