Axiata Group Bhd (Axiata) is exiting the Myanmar market after its subsidiary, Edotco Investments (Labuan) Ltd, signed a sales and purchase agreement to sell its 87.5% stake in Edotco Investments Singapore Pte Ltd for USD 150 million (RM713 million).
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Axiata Exits Myanmar Amid Challenging Economic Conditions
Axiata cited deteriorating macroeconomic and operational conditions in Myanmar as the reason for the exit. Proceeds from the sale will be used to reduce debt.
Pending regulatory approval, the sale is expected to conclude within 12 months. Axiata assured shareholders the transaction would not materially affect its consolidated financial position or net asset value for the 2024 fiscal year.
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