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Telekom Malaysia offloads Axiata stake
28 July 2011
Sale achieves $158 million
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Telekom Malaysia
Axiata
Malaysia
Telekom Malaysia (TM) subsidiary, TM Esos Management, has
sold its 92.4 million shares in mobile operator Axiata to third-party foreign
institutional investors, reports Stock Markets Review. The shares were sold at
a price of 5.07 Malaysian ringgits ($1.7) each, amounting to a total of around
$158 million.
The company had previously signalled that the proceeds from
the sale would be utilised for capital expenditure, working capital,
investments or acquisitions, including the repayment of borrowings.
TM had, in 2010, mentioned its plans to offload up to 191.5
million shares in Axiata and subsequently sold 90 million Axiata shares to
third-party institutional investors for around $132 million. TM Esos could
offload the remaining 8.07 million Axiata shares in the open market. GTB