Axiata Might Consider Divesting Idea Cellular Stake, CEO Says
22 Febrero 2018 - 6:52AM
Noticias Dow Jones
By Yantoultra Ngui
KUALA LUMPUR, Malaysia--Axiata Group Bhd. (6888.KU), Malaysia's
largest mobile-phone operator by market value, said Thursday it
might consider divesting its stake in Idea Cellular Ltd.
(532822.BY), following the Indian mobile operator's proposed merger
with the India business of Vodafone Group PLC (VOD.LN).
"In the long run, we will be considering possible exit," Group
Chief Executive Jamaludin Ibrahim told reporters at an earnings
briefing, saying that a merger would dilute Axiata's stake in Idea
Cellular to less than 10% from 16% currently. The stake is
estimated to be worth some $1 billion.
"Our role as a strategic partner will be disappeared, not
entirely but Vodafone is another strategic partner and there cannot
be two telcos running the show," Mr. Jamaludin added.
Vodafone last year agreed to merge its Indian business with Idea
Cellular, a move that would create India's largest telecoms
business. The merger is expected to be completed by the first half
of this year.
Write to Yantoultra Ngui at yantoultra.ngui@wsj.com
(END) Dow Jones Newswires
February 22, 2018 07:37 ET (12:37 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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