KUALA LUMPUR (Nov 18): Shareholders of Axiata Group Bhd approved the proposed merger of its Malaysian cellular arm Celcom Axiata Bhd with Norwegian Telenor Group’s unit Digi.Com Bhd, in an extraordinary general meeting (EGM) held on Friday morning (Nov 18).
“As shareholders of Axiata have given the nod, the merger moves closer to completion, having previously cleared the Malaysian Communications and Multimedia Commission (MCMC), the Securities Commission Malaysia (SC), and Bursa Malaysia prior to the EGM,” said Axiata in a statement on Friday.
Meanwhile, Digi’s EGM for the proposed merger is scheduled for 2pm on Friday.
The proposed merger entails Axiata transfering 100% of its stake in Celcom Axiata to Digi for RM17.76 billion, which will be satisfied via a combination of 3.96 billion new Digi shares issued at RM4.06 each and RM1.69 billion cash.
The proposed merger is expected to be completed by year end. At completion, Axiata and Telenor will hold equal ownership of 33.1% each in the newly-merged company.