09 April 2024
Axiata announced has secured a deal to sell its Myanmar operations and exit the country, which is currently in the midst of a civil war..png?lu=381)
Axiata’s direct subsidiary EDOTCO Group has entered into a share purchase agreement to sell its entire 87.5% stake in EDOTCO Investments Singapore for US$150 million.
EDOTCO Investments Singapore is the sole shareholder of EDOTCO Myanmar and operates as a holding company for Axiata’s other investments in the country. The deal is subject to closing adjustments but is expected to be finalised within a year.
Axiata said that the decision to depart Myanmar was made due to deteriorating macroeconomics and operating environments and the capital raise from the sale will be used to maintain its balance sheet, enhance shareholder value and pay off debts.
