Friday 29 Mar 2024
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KUALA LUMPUR (Dec 2): Maxis Bhd and its subsidiaries' proposal to implement an internal reorganisation is expected to consolidate and integrate the businesses and undertakings of its wholly-owned subsidiaries under Maxis Broadband Sdn Bhd (MBSB).

In a filing with Bursa Malaysia today, Maxis said MBSB has entered into separate sale and purchase agreements with Maxis Collections Sdn Bhd, Maxis International Sdn Bhd, Maxis Mobile Sdn Bhd and Maxis Mobile Services Sdn Bhd to purchase their businesses and undertakings including relevant assets and liabilities.

Maxis said barring unforeseen circumstances and subject to the condition, the group expects to complete the reorganisation in the first half of 2016.

"The proposed internal reorganisation is another important step for the Maxis group's transformation. The objective is to deliver operational efficiency and provide the group with greater operational agility and flexibility to respond quickly in a fast evolving telecommunications market," Maxis said.

It added that the reorganisation would not have any effect on its issued and paid-up share capital and substantial shareholders' shareholdings.

"The reorganisation is (also) not expected to have any material impact on the net assets and gearing of the group based on its latest audited balance sheet [as] at Dec 31, 2014, (as well as) the earnings of the group for the financial years ending Dec 31, 2015 and 2016.

"(But) it is expected to contribute positively to the earnings of Maxis moving forward," it said.

Shares in Maxis slipped 21 sen or 3.06% to close at RM6.65 giving it a market capitalisation of RM51.5 billion.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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