KUALA LUMPUR: Axiata Group Bhd has completed the sale of its entire 18.9% stake in Samart Corporation Public Company in line with its strategy to focus on its mobile communications business.
Axiata, which has held the stake in Samart since 1997, disposed its shares to the Thailand-based company's existing shareholders Charoenrath Vilailuck and Watchai Vilailuck for US$34.8 million cash.
Samart, which has interests in various subsidiaries focusing on mobile multimedia, ICT solutions and services and TECHNOLOGY [] related businesses, represents one of Axiata's non-mobile investments.
Axiata still holds its 24.4% stake in Samart i-Mobile, focusing on mobile, multimedia and international business.
In a statement Thursday, Dec 23, Axiata president and group chief executive officer Datuk Seri Jamaludin Ibrahim said the divestment reinforces its commitment to focus on its primary business of mobile communications.
'As with our announcement in July on the disposal of our stake in Multinet, Pakistan, which the parties are in the midst of completing, this transaction reflects our strategic direction of focusing on our core areas,' he said.
Axiata, which has held the stake in Samart since 1997, disposed its shares to the Thailand-based company's existing shareholders Charoenrath Vilailuck and Watchai Vilailuck for US$34.8 million cash.
Samart, which has interests in various subsidiaries focusing on mobile multimedia, ICT solutions and services and TECHNOLOGY [] related businesses, represents one of Axiata's non-mobile investments.
Axiata still holds its 24.4% stake in Samart i-Mobile, focusing on mobile, multimedia and international business.
In a statement Thursday, Dec 23, Axiata president and group chief executive officer Datuk Seri Jamaludin Ibrahim said the divestment reinforces its commitment to focus on its primary business of mobile communications.
'As with our announcement in July on the disposal of our stake in Multinet, Pakistan, which the parties are in the midst of completing, this transaction reflects our strategic direction of focusing on our core areas,' he said.
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