Axiata trims down non-core assets
Filed Under (Other News) by Webmaster on 13-10-2009
Tagged Under : Axiata, telecoms
MALAYSIA’S No 2 telecoms firm Axiata (6888) plans to divest its non-core assets to focus on its mobile business to stay ahead of rivals, the group’s chief executive said.
“Divestment of our non-core assets, which are our non-mobile assets, is something we are looking at,” Jamaludin Ibrahim said in an interview yesterday.
Axiata, valued at US$7.6 billion (RM25.92 billion), also operates mobile telecom services in Sri Lanka, Bangladesh, India, Indonesia, Singapore and Cambodia.
Some of its non-mobile assets are Multinet in Pakistan and Samart Corp and Samart I-Mobile in Thailand, Jamaludin did not provide any details on the planned value of disposals.
Axiata is not actively seeking acquisitions and prefers to grow its existing businesses organically, Jamaludin said.
“(Africa and the Middle East) is not high on our priority list. We are focusing on the South and Southeast Asian markets which offer low penetration and high growth potential.”
“We would consider something if the value is right and attractive,” he said.
Analysts said the upcoming listing of Maxis, Malaysia’s leading mobile phone services provider, will lead to a rebalancing of portfolio funds in the domestic sector and some fund managers might opt out of Axiata. – Reuters
