KUALA LUMPUR (Sept 24): Axiata Group Bhd has received the nod to list its subsidiary in Bangladesh.
In a bourse filing today, Axiata said the Bangladesh Securities and Exchange Commission (BSEC) had approved the proposed initial public offering and listing of Robi Axiata Ltd.
“Further details will be announced upon the receipt by Robi of the approval letter by BSEC,” it said.
In February this year, Axiata said it was eyeing to raise RM255.2 million with a proposed listing of its 68.69%-owned subsidiary Robi on the Dhaka Stock Exchange Ltd and the Chittagong Stock Exchange Ltd in Bangladesh.
Axiata had then said Robi will issue 523.79 million new shares, representing 10% of its enlarged share capital post-listing, which would also dilute its shares in Robi by 6.87%.
Axiata, however, will continue to be the controlling shareholder of Robi post completion of listing.
The proceeds would mainly be utilised for network expansion, it said.
Robi is a mobile telecommunications service provider in Bangladesh providing voice, data and other internet-based innovative digital services.
Robi also provides international roaming services through international roaming agreements with various operators of different countries across the world. It is the second largest mobile network operator in Bangladesh by subscribers with 49 million as of end-December 2019.
At the midday break today, Axiata shed 0.98% or three sen to RM3.03, for a market capitalisation of RM27.78 billion.