Axiata and Telenor merger in Malaysia
Axiata and Telenor completed a merger of their units in Malaysia, with both companies taking a 33.10% stake in the new Celcom Digi.
In a joint statement, the companies will say that Celcom Digi will be the largest locally listed technology company on the Malaysian stock exchange, with 20 million customers, surpassing the next biggest rival Maxis, which has 11.9 million customers, mobile based on its third quarter results.
Our immediate plans, Celcom Digi will invest MYR 250 million over the next five years to build a world-class innovation center in Kuala Lumpur, to catalyze developments in IoT, AI, cloud computing and 5G.
In addition to Axiata and Telenor, other Celcom Digi investors include Employees Provident Fund, Permodalan Nasional Berhad and the Retirement Fund
The merger was announced in June 2021 and suffered significant delays due to regulatory lawsuits. The boards of both companies recently approved a merger.
Berhad Chairman Tan Sri Shahril Ridza Ridzuan of Axiata Group said: “Celcom Digi is strategically and perfectly positioned to invest in network expansion which will contribute to the growth of Malaysia’s digital ecosystem.
We are also excited about the role this tech giant can play in spurring talent development right here in our own backyard as Malaysia sees advances in 5G, IoT Automation.
Going forward, Celcom Digi is Confident, backed by global experiences, excellent governance standards and financial strength from Axiata and Telenor as shareholders, will be well positioned to serve Malaysian consumers and businesses looking to intensify digital competition.
Telenor’s Head of Asia and Executive Vice President Jorgen Arentz Rostrup states: “Telenor is committed to being an active owner, leveraging technological knowledge, experience in international markets and global partnerships with industry giants for Celcom Digi.”
find out more : axiata.com
By A W Moghul