Incumbent Telekom Malaysia (TM) has sold 90 million shares in local mobile operator Axiata for as much as MR414m (US$131m), according to a filing with Bursa Malaysia.
The sale represented a 1.06% stake in Axiata and was conducted via a private placement…
Incumbent Telekom Malaysia (TM) has sold 90 million shares in local mobile operator Axiata for as much as MR414m (US$131m), according to a filing with Bursa Malaysia.
The sale represented a 1.06% stake in Axiata and was conducted via a private placement to third-party institutional investors.
The company had previously said it was looking to sell about 190 million shares, or 2.27%, of its entire stake in Axiata, as part of a strategy to dispose of non-core investments.
TM has appointed CIMB as adviser, and CIMB and Credit Suisse Securities (Malaysia) as joint placement agents.
