KUALA LUMPUR, April 18 — Axiata Group Bhd has been granted approval under Bank Negara Malaysia’s Foreign Exchange Notices (consolidated) to pay Axiata Investments (Indonesia) Sdn Bhd’s (All) portion of the purchase and mandatory tender offer (MTO) considerations pursuant to the acquisition of PT Link Net Tbk (Link Net) proposals.

On January 27, Axiata in a filing to Bursa Malaysia announced that the group and its indirect 61.48 per cent owned unit, PT XL Axiata Tbk, were jointly acquiring 66.03 per cent equity interest in Link Net and will carry out an MTO for the remaining 33.97 per cent of Link Net shares for a total purchase sum of RM3.86 billion for a 100 per cent stake.

The parties agreed to acquire Link Net equity at 4,800 rupiah per ordinary share from Asia Link Dewa Pte Ltd (ALD) and PT First Media Tbk (FM).

This translates to a value of about RM3.86 billion (13.21 trillion rupiah) for the entire equity interest in Link Net.

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Under the terms, All, an indirect wholly-owned subsidiary of Axiata and XL Axiata will acquire 46.03 per cent and 20 per cent, respectively, from the combined equity interest of 66.03 per cent in Link Net held by ALD and FM for RM2.55 billion (8.72 trillion rupiah).

All will then be obligated to undertake an MTO to acquire the remaining 33.97 per cent of Link Net shares pursuant to regulatory requirements in Indonesia. — Bernama