Trading of Axiata, Digi shares suspended effective April 1

  • Markets
  • Friday, 01 Apr 2022

KUALA LUMPUR: Trading of Axiata Group Bhd’s and Bhd’s shares has been suspended, pending an expected material announcement.

In a filing with Bursa Malaysia, both companies said the exchange has approved their request for the suspension of trading of their shares with immediate effect from 9 am today.

The request was made under subparagraph 3.1(c) of Practice Note 2 on Requests for Suspension of the Main Market Listing Requirements of Bursa Securities.

According to earlier reports, the High Court (commercial division) has granted an injunction preventing Celcom Mobile’s 5.25 million shares in Tune Talk Sdn Bhd from being included in the sale of Celcom Axiata to Digi.Com Bhd, under the proposed merger of the two telecommunication companies’ businesses.

The injunction was sought by three shareholders of the mobile virtual network operator (MVNO), namely Padda Gurtaj Singh, East Pacific Capital Pte Ltd and Tune Strategic Investments Ltd in September last year.

The three plaintiffs collectively own 30.02 per cent of Tune Talk, and have applied for Axiata Group to be prohibited from including its 5.25 million Tune Talk shares (representing a 35 per cent stake in the MVNO) in the proposed merger with Digi.Com.

Axiata and Digi’s shares were last traded at RM3.79 and RM3.90, respectively. - Bernama

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