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Axiata Announces New Appointments to Further Strengthen its Management Team & Develop Internal Talents

2010-06-22

Kuala Lumpur, 22 June 2010 - Axiata Group Berhad, ("Axiata"), announced today that its shareholders approved all the resolutions proposed at its 18th Annual General Meeting ("18th AGM"). In line with the Group's commitment to good corporate governance and transparency to shareholders, the following resolutions were tabled and subsequently approved by shareholders:-

Audited Accounts

Shareholders resolved the receipt of the audited financial statements for the financial year ended 31 December 2009 which saw an all round performance in terms of revenue and profit growth across all its major operating companies ("OpCos"). Almost every aspect of the Group's and major OpCos' strategies were meticulously executed as planned, which saw positive quarterly trends continuing across the Group ending the year on a position of strength. Excellent performances were particularly seen from Malaysian, Indonesian and Bangladesh operations contributing to the Group's marked increase in actual Profit after Tax and Minority Interests ("PATAMI"), of more than 100% year on year. The year also saw the Group turn Free Cash Flow positive for the first time, up 265%, to RM2.1 billion. Balance sheet was also significantly strengthened in the year, with Axiata's Gross Debt to Earnings before Interest, Taxation, Depreciation and Amortisation ("EBITDA") ratio now at 2.4x from 4.6x, far below the original target of 3x.

 

Re-election of Directors

 

Dato' Sri Jamaludin Ibrahim and Tan Sri Ghazzali Sheikh Abdul Khalid, both returning by rotation, were re-elected as Directors. Dato' Sri Jamaludin Ibrahim is also the President and Group Chief Executive Officer of Axiata. Dr Farid Mohammed Sani, appointed earlier this year, was also re-elected to the Board by shareholders.

 

Re-appointment of Auditors

 

Shareholders approved the re-appointment of PricewaterhouseCoopers as the Auditors of the Company for the financial year ending 31 December 2010.

In the interest of the Group's flexibility concerning transactions with Telekom Malaysia Berhad Group of Companies ("TM Group"), a related party, the 18th AGM also included the following matter as special business:-

 

Shareholders' Mandate for Recurrent Related Party Transactions

 

The shareholders has granted mandate for the Group to enter into recurrent related partytransactions of a revenue, or trading, nature with TM Group.

Axiata Chairman, Tan Sri Dato' Azman Hj. Mokhtar said "We are very pleased to have obtained the strong support from our shareholders today. The support shown is a very important validation of the Group's strategy and results so far".

Remarking on the outcome, Dato' Sri Jamaludin Ibrahim, President & Group Chief Executive Officer of AXIATA said "We are very happy with the outcome of our AGM and the convincing support received. The continued vote of confidence from our shareholders is heartening and I would like to thank them for their staunch support now for the second consecutive year. Axiata demonstrated its capability to deliver in 2009 towards its transformation. There is still work to be done but with everyone behind us I am positive we will succeed"

 

 

 

About Axiata

 

Axiata is one of the largest Asian telecommunication companies, focused on high growth low penetration emerging markets. Axiata has controlling interests in mobile operators in Malaysia, Indonesia, Sri Lanka, Bangladesh and Cambodia with significant strategic stakes in India, Singapore and Iran. India and Indonesia are amongst the fastest growing markets in the world. In addition, the Malaysian-grown holding company has stakes in non-mobile telecommunication operations in Thailand and Pakistan.

The Group's mobile subsidiaries and associates operate under the brand name 'Celcom' in Malaysia, 'XL' in Indonesia, 'Dialog' in Sri Lanka, 'Robi' in Bangladesh, 'HELLO' in Cambodia, 'Idea' in India, 'M1' in Singapore and 'MTCE' in Iran (Esfahan).

The Group's, including its subsidiaries and associates, has over 130 million mobile subscribers in Asia. The Group revenue for 2009 was RM13.1 billion. The Group provides employment to over 25,000 people across Asia. Axiata's vision is to be a regional champion by 2015 by piecing together the best throughout the region in connectivity, technology and talent, uniting them towards a single goal: Advancing Asia.

Axiata was awarded the Frost & Sullivan 2009 and 2010 Asia Pacific ICT Award for Best Telecom Group and the Telecom Asia Best Regional Mobile Group 2010 for its operations in multiple Asian markets.

-ENDS