KUALA LUMPUR (July 15): Axiata Group Bhd's subsidiary SmartLuy PLC has merged with Cambodia cashless-payment platform Pi Pay PLC after the National Bank of Cambodia (NBC) and the Ministry of Commerce of Cambodia (MOC) approved the corporate exercise.

Mobile telecommunication network provider Axiata Group said in a Bursa Malaysia filing today notification of the successful application for the merger was received from the NBC and the MOC yesterday when the legal existence of SmartLuy ceased with the continuance of SmartLuy and Pi Pay as one entity.

"The cessation of SmartLuy will not have any material effect on the earnings or net assets of the Axiata Group for the financial year ending Dec 31, 2020.

"The cost of investment of SmartLuy is US$2 million (about RM8.53 million). None of the directors or major shareholders of Axiata or persons connected with them have any interest, direct or indirect, in the said cessation," Axiata Group said.

Axiata Group said SmartLuy is a subsidiary held through Smart Axiata Co Ltd and Axiata (Cambodia) Holdings Ltd. Axiata Group claimed that Pi Pay is a leading cashless-payment platform in Cambodia.

In Malaysia today, Axiata Group's share price rose one sen or 0.29% to RM3.43 at 3.07pm for a market capitalisation of RM31.45 billion. The stock saw 1.66 million units change hands.