Axiata Digital to sell its digital ventures portfolio

Analysts had said Axiata would have to accept the offer unless it was able to find a partner to fund a counterbid since M1 was a non-core asset. The 28.67% stake comprises 265.41 million shares.

KUALA LUMPUR: Axiata Digital Sdn Bhd has entered into an agreement to sell its digital ventures portfolio at a valuation of US$140mil to Singapore-based investment fund, Pegasus 7 Ventures Pte Ltd.

Axiata Digital is the digital services arm of Axiata Group Bhd.