Malaysian incumbent Telekom Malaysia has completed its sale of 92.36m shares in local mobile operator Axiata.
In a statement Telekom Malaysia said that 92.36m shares had been placed with foreign institutional investors at a price of MR5.07 (US$1.72) per…
Malaysian incumbent Telekom Malaysia has completed its sale of 92.36m shares in local mobile operator Axiata.
In a statement Telekom Malaysia said that 92.36m shares had been placed with foreign institutional investors at a price of MR5.07 (US$1.72) per share, making gross proceeds of MR468.3m (US$158.6m).
IFR Asia reported that the sole bookrunner for the deal was Goldman Sachs.
Telekom Malaysia retains 807 shares in Axiata. It said that it may dispose of these shares via an open market disposal.
In December 2010, Telecom Malaysia made a proposal to dispose of over 191m shares in Axiata. It completed the disposal of 90m shares then at a price of MR4.60 per share.
Telecom Malaysia’s stake in Axiata came through its subsidiary TEMSB, which managed the Telecom Malaysia’s employee share option scheme.
This share option scheme expired in September 2010.
In December, Telecom Malaysia said that “the Proposed Disposal will provide the TM Group with the opportunity to dispose of its non-core investment and to re-allocate capital resources in areas relating to its principal business”.
