Under pressure to deliver cash to shareholders after a merger with Norway's...
KUALA LUMPUR/SINGAPORE - Under pressure to deliver cash to shareholders after a merger with Norway’s Telenor collapsed, Malaysia’s Axiata has changed tack: It is now in talks to offload stakes in units and will no longer entertain a group-level deal, sources told Reuters.
The strategy's success is crucial for the telecoms firm - majority-owned by sovereign wealth fund Khazanah Nasional Bhd and other state-linked funds - as it faces margin-destroying competition across Southeast Asia, huge investment in fifth-generation networks“The heartbroken parent won’t look for a suitor,” one of the sources said, explaining the new strategy, “It’s time for the children to seek partners.
Axiata, which operates in nine countries in Southeast Asia and South Asia, has since received an informal offer from Nigeria’s IHS Towers for a stake in its telecoms tower firm edotco Group Sdn Bhd, three people with direct knowledge of the matter said. A plan for edotco’s initial public offering has been lowered in priority for now, said one of the people.
Axiata is confident of sealing an XL deal by next year, two of the people said, but does not want to cede majority control because XL holds the second-largest share of the mobile phone network market in Southeast Asia’s biggest economy.
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