Malaysia-based telecoms group Axiata has announced a deal which will see it divest its entire 89% stake in Multinet Pakistan. In a stock exchange filing confirming the development, Axiata revealed it has agreed to sell its shares in the Pakistani provider for just USD1, on a cash free and debt free basis, to Adnan Asdar Ali, the current shareholder of the remaining 11% of Multinet’s stock. With Axiata saying the operator’s financial performance had been declining – Multinet recorded accumulated losses of PKR754 million (USD6.2 million) in 2017 – it has been claimed the unit’s contribution to the Malaysian group’s financial and business performance was ‘immaterial’. The proposed divestment of shares in Multinet is subject to the fulfilment of regulatory and third-party approvals, it was noted, and is ‘not expected to have any material effect on Axiata’s consolidated net assets (NA), NA per share, gearing and consolidated earnings for the financial year ending 31 December 2018’.
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