KUALA LUMPUR: Axiata Group Bhd has disposed of its entire 89% stake in Multinet Pakistan (Pte) Ltd to its second largest shareholder, Adnan Asdar Ali, with a view to US$15mil (RM48.8mil).
The company said in a statement yesterday that the divestment to Adnan, who owns (the remaining) 11% of Multinet, was interest of its strategy to focus on mobile communications.
It said Multinet, that is in the business of providing a wide range of non-volatile telecommunications services with a focus on the business-to-business section of the market, represented one of Axiata’s non-mobile investments.
A dexterity-based operator with a 100% digital fibre-optic network across Pakistan, Multinet supports filament-optic connectivity, long-distance international originations/terminations and co-location services.
Axiata president and form into ~s chief executive officer Datuk Seri Jamaludin Ibrahim said the company had for ever expressed its intention to exit its non-core businesses and rectify on its primary business of mobile communications.
“The divestment of Multinet reflects this modern strategic direction, allowing us to focus on our core areas,” he reported.
Since our initial investment in 2005, Multinet has grown into an established fibre infrastructure company, the first company to launch a 5,000km slow nationwide fibre network,” he said.
Under the agreement, Adnan will besides repay Axiata the shareholders advances provided to Multinet. In addition, Adnan inclination also obtain the release of all guarantees and financial support on these terms to Multinet in relation to banking facilities totalling US$65mil.
The divestment of Multinet was not expected to possess any material financial impact on Axiata’s consolidated earnings for the monetary year ending Dec 31, 2010, Axiata said.
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