COVID–19 NEWS   Spain’s Queen catches COVID-19 amid countrywide spike in infections | S Korea’s new COVID-19 cases bounce back to over 10,000 amid resurgence woes | Italy's COVID-19 transmission rate rises for 4th consecutive week | N Korea's first COVID-19 cases traced to area bordering S Korea: State media | COVID: Rise in new infections, drop in death cases last week - Health DG | 
BUSINESS

Axiata, Xl Axiata complete acquisition of 66.03 pct stake in Link Net

22/06/2022 07:57 PM

KUALA LUMPUR, June 22 (Bernama) — Telecommunication giant, Axiata Group Bhd (Axiata) and PT XL Axiata Tbk (XL Axiata) today completed the acquisition of the combined 66.03 per cent equity interest in PT Link Net Tbk (Link Net) for approximately RM2.63 billion.

Following the completion of the acquisition, Axiata’s indirect wholly-owned subsidiary, Axiata Investments (Indonesia) Sdn Bhd, and XL Axiata will hold 46.03 per cent and 20.00 per cent stake respectively from the combined 66.03 per cent equity interest in Link Net previously held by Asia Link Dewa Pte Ltd and PT First Media Tbk. 

Axiata’s total effective equity interest in Link Net held via Axiata Investments and XL Axiata is 58.33 per cent post-completion of the acquisition.

In a statement, Axiata joint-acting group chief executive officers Dr Hans Wijayasuriya and Vivek Sood said the completion of the Link Net acquisition marked a significant milestone in the evolution of Axiata’s operations in the region. 

The acquisition strengthened the group’s position as a regional digital champion in the delivery of converged telecommunication services in line with its ethos of ‘Advancing Asia’. 

“The well-experienced and accomplished team at Link Net will be accelerating the company’s growth opportunities within existing as well as underserved areas. 

“Increasing the momentum of our participation in Indonesia’s rapidly advancing digital economy is an exciting proposition we share with the Link Net team,” they said.

Link Net is among the leading providers of high-speed broadband and cable TV in Indonesia, reaching 2.9 million homes across 23 cities, serving some 855,000 broadband and about 837,000 cable TV customers respectively. 

Axiata said Axiata Investments would now be obligated to undertake a mandatory tender offer (MTO) to acquire the remaining 33.97 per cent equity interest in Link Net pursuant to regulatory requirements in Indonesia. 

The proposed MTO is expected to be completed in the third quarter of 2022, it added.

-- BERNAMA

 

 


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy