Axiata unit to dispose of Myanmar interests for US$150mil

KUALA LUMPUR: Axiata Group Bhd has announced a proposal to divest of its stake in EDOTCO Myanmar Limited for US$150mil cash (RM713.03mil), as it makes its exit from the Myanmar market.

In a filing with Bursa Malaysia, the telco group said its sub-subsidiary edotco Investments (Labuan) Ltd has entered into a share purchase agreement (SPA) to dispose of its entire 87.5% stake in EDOTCO Investments Singapore Pte Ltd, which is the special purpose investment holding company for EDOTCO Group Sdn Bhd’s investments in Myanmar and sole shareholder of EDOTCO Myanmar.