Axiata concludes sale of Ncell

KUALA LUMPUR: Following its decision to exit the Nepal market, Axiata Group Bhd announced it has entered into an unconditional sale and purchase agreement with Spectrlite UK Ltd to dispose of Reynolds Holdings Ltd, which owns about 80% stake n Ncell Axiata Ltd.

The disposal comes with a fixed consideration of US$50mil as well as a conditional consideration for Axiata to receive a share of the going forward distributions of Ncell, contingent upon its future business performance and net distributions until 2029, as well as any windfall gains during this period, said the telco in a statement.