Wednesday, November 30, 2011

Axiata, PLDT plan mobile virtual network operator services in Malaysia

KUALA LUMPUR (Nov 30): Axiata Group Bhd is teaming up with Philippines' PLDT Global Corporation to establish mobile virtual network operator (MVNO) services in Malaysia.

Axiata said on Wednesday its unit Celcom Axiata Bhd had inked a shareholders' agreement with PLDT and PLDT Malaysia Sdn Bhd (PLDT MY) for the collaboration.

According to the announcement to Bursa Malaysia, PLDT MY's paid-up share capital will be RM6 million, divided into six million PLDT MY Shares of which Celcom and PGC will subscribe in cash in the ratio of 49: 51.

'The subscription by Celcom of its 49% equity interest in PLDT MY for the sum of RM2.94 million will be funded through internally generated funds,' said Axiata.

Axiata said the investment in PLDT MY was to allow Celcom to have an equity and management participation in the MVNO business.

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