KUALA LUMPUR (March 24): Axiata Group Bhd’s (KL:AXIATA) shareholders have approved the proposed merger between PT XL Axiata and PT Smartfren Telecom Tbk.
The proposed merger was approved by the shareholders at the group’s extraordinary general meeting (EGM) through polling, and the results have been submitted to Bursa Malaysia in compliance with regulatory requirements.
“This approval marks a key milestone in finalising the merger, bringing the formation of the new entity, XLSMART, another step closer to completion,” Axiata said.
It said XL Axiata and Smartfren shareholders will hold their respective EGMs of shareholders on Tuesday to vote on the merger.
With the XL Axiata-Smartfren merger set for completion in the second quarter of 2025, all of the group’s markets will transition to a three-player structure, with Axiata holding over 25% market share in each.
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