Axiata has no plans to downsize regional operations

Axiata-Cambodia-1024x576.jpg

Axiata Group has no plans to downsize its operations in any of its eight markets, according to CEO Jamaludin Ibrahim.

Last months, reports suggested that the company is considering selling stakes in its Indonesian, Cambodian and Sri Lankan operations, leading to speculation that the company may seek to exit the markets.

But Kamaludin said Axiata Group is a long-term investor in each of its operating countries, the Khmer Times reported. Regardless of if the company does plan to reduce its stakes in the regional operations, the group will maintain majority ownership.

He also told  that if the company does decide to reduce its 83.3% stake in Sri Lanka’s Dialog Axiata, money raised will be reinvested back into Sri Lanka for another venture.

We quote Axiata’s group chief strategy officer repeating the same sentiment for funds raised through any divestment of Cambodia’s Smart Axiata.

According to last month’s reports, Axiata was said to be seeking buyers for stakes worth up to $700 million in the regional subsidiaries. The reports indicated that the potential sales are part of efforts to reduce the group’s debt, although Axiata executives are declining to comment on this aspect.

But Kamaludin said Axiata Group invests around $600 million to $700 million per year in expanding its regional operations.


About Retail News Asia

Retail News Asia is committed to providing local and global retailers with the latest news from the Asian retail market on a daily basis.

We have resources for everyone from independently owned business owners to online-only retailers and major chains expanding their reach throughout the Asian market. Retail News is “the news source” with over 50 weekly posts and 13,6 million readers.


CONTACT US

CALL US ANYTIME

Most read



Retail updates

Stay up to date of the lates updates and retail news from Asia.








X