Telenor ASA And Axiata Group Berhad Have Agreed To End Discussion On The Non-cash Combination Of Their Telecom And Infrastructure Assets In Asia (Proposed Transaction)
Digi.Com Berhad (Digi) - Telenor ASA and Axiata Group Berhad have agreed to end discussion on the non-cash combination of their telecom and infrastructure assets in Asia (Proposed Transaction)
(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as defined in the Company’s announcement dated 6 May 2019 except where the context otherwise defined herein)
The Board of Directors of Digi (Board) was informed on 6 September 2019 by Telenor ASA (Telenor), the parent company of Digi’s largest shareholder, Telenor Asia Pte Ltd, that Telenor and Axiata Group Berhad (Axiata) have agreed to end discussions on the Proposed Transaction.
In a statement to the Oslo Stock Exchange, Telenor has also announced that they have mutually agreed to end discussions on the Proposed Transaction with Axiata. Please refer to Telenor’s statement to the Oslo Stock Exchange and their press release dated 6 September 2019 for further information regarding the Proposed Transaction.
The Board has been informed that over the last four months, both parties have been working on due diligence and finalising transaction agreements to be completed within the third quarter of 2019. Due to some complexities involved in the Proposed Transaction, the parties have mutually agreed to end the discussions. Both parties still acknowledge the strong strategic rationale of the Proposed Transaction.
The parties do not rule out that a future transaction could be possible.
This announcement is dated 6 September 2019.
|Company Name||DIGI.COM BERHAD|
|Date Announced||06 Sep 2019|
|Category||General Announcement for PLC|