KUALA LUMPUR (June 29): Shares in Axiata Group Bhd and Digi.Com Bhd rose in the mid-morning on Wednesday (June 29) after the companies received a notice of no objection from the Malaysian Communications and Multimedia Commission (MCMC) to proceed with the proposed merger of their telco operations.

At 10.20am, Digi had risen 3.08% or 10 sen to RM3.35, valuing it at RM26.05 billion, while Axiata added 2.49% or seven sen to RM2.88, giving it a market capitalisation of RM26.43 billion.

The merger application for Celcom and Digi was submitted to the MCMC in July 2021.

In a joint statement on Wednesday, the telcos said the notice signifies that the MCMC does not object to the proposed merger and that the parties will advance to the next phase of the proposed transaction.

“Axiata and Digi are positive on the prospect of the proposed merger having passed a significant milestone in the ongoing approval process.

“Upon completion of the transaction, the parties look forward to realising the potential of the proposed merged company, which is expected to culminate in a stronger capacity to drive digitalisation of society broadly for consumers, businesses, the partner ecosystem and the development of local talent,” they said.

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