KUALA LUMPUR, April 5 – Axiata Group Bhd’s share price rose by 1.53 per cent this morning, following news that its indirect subsidiary plans to dispose of its entire stake in Edotco Myanmar Ltd for RM713.03 million, signalling Axiata’s exit from the Myanmar market.
At 9.54 am, its shares gained 4.0 sen to RM2.66 per unit, with 460,100 shares traded.
In a filing to Bursa Malaysia on Thursday, Axiata said edotco Investments (Labuan) Ltd, a wholly owned subsidiary of Edotco Group Sdn Bhd, which is a 63 per cent subsidiary of Axiata, signed a share purchase agreement for the disposal of its entire 87.5 per cent stake in Edotco Investments Singapore Pte Ltd.
The latter is a special purpose investment holding company for Edotco’s investments in Myanmar and the sole shareholder of Edotco Myanmar Ltd.
Without disclosing the buyer, Axiata said its board of directors, after having considered all aspects, opined that the proposed divestment in Myanmar is in the best interest of the group.
