KUALA LUMPUR: Axiata Group Bhd
and Indonesian group PT Sinar Mas have entered into a non-binding memorandum of understanding (MoU) to mutually explore a proposed merger of XL Axiata and Smartfren to create a new entity (MergeCo).
“The proposed transaction is at an early stage of evaluation with both Axiata and Sinar Mas intending to remain as joint controlling shareholders of MergeCo,” Axiata said in a statement.
