Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
In line with Axiata Group Berhad’s (Axiata) strategy to focus on mobile communications, Axiata has entered into an agreement with Samart Corporation Public Company Limited (Samart) to dispose its entire shareholding of approximately 24% of the total issued and outstanding share capital in Samart i-Mobile Public Company Limited
(Samart i-Mobile) for total gross consideration of approximately USD88.6 million.
Samart is the current shareholder in Samart i-Mobile and currently holds around 52% of the total issued and outstanding share capital in Samart i-Mobile.
Samart i-Mobile is in the business of providing instant wireless information services and mobile content, along with the distribution of mobile phones and accessories. Dato’ Sri Jamaludin Ibrahim, President & Group Chief Executive Officer said “We would like to thank Samart i-Mobile for the support throughout our period of investment and we wish them every success for the future.
Since our inception, Axiata has always expressed our intention to exit from non-core businesses, at the most opportune time, and concentrate on our primary business of mobile communications. The divestment of Samart i-Mobile reflects the continuation of our strategic direction. This follows on from the divestment of Samart Corporation in 2010, an IT company and also the shareholder of Samart i-Mobile. We have also exited from our small regional operations in Iran in 2010”.
The SPA is expected to complete within 30 days from the date of the signing. The divestment of Samart i-Mobile is not expected to have any material financial impact on Axiata’s consolidated earnings for the financial year ending 31 December 2014.