Axiata plans to sell stake in edotco for RM2.7bil

Debt reduction: Jamaludin (left) and Suresh at the media briefing. Jamaludin says Axiata will still hold more than 50 in edotco.

KUALA LUMPUR: Axiata Group Bhd is proposing to privately place out and divest primary and secondary shares respectively in wholly-owned subsidiary, edotco Group Sdn Bhd, to Innovation Network Corp of Japan (INCJ) and Khazanah Nasional Bhd in a deal collectively worth US$600mil (RM2.7bil).

The corporate exercises are part of Axiata move to reduce its debt to below 2.5 times, as well as help to boost edotco’s corporate value, said Axiata president and group chief executive officer Tan Sri Jamaludin Ibrahim.