Axiata Group Bhd., Malaysia’s biggest mobile-phone operator, is seeking to trim stakes in some of its overseas operations, including Sri Lanka, Bloomberg reported.
The wire services, quoting unnamed sources said, the Kuala Lumpur-based company is selling as much as 30 percent each of listed Sri Lanka unit Dialog Axiata PLC and closely held Cambodian subsidiary Smart Axiata Co.
The firm is also seeking a buyer for about 11 percent of Indonesian unit PT XL Axiata, which has a market value of US $2.2 billion.
The trimming of its overseas operations is expected to raise as much as US $ 700 million for Axiata Group Bhd.
Total debt at Axiata has risen 55 percent since the end of 2014 to reach 21.5 billion ringgit ($5.2 billion) at the end of June, according to the data compiled by Bloomberg.
Axiata, which has interests in 10 countries across Asia, will use part of the proceeds from the divestments to cut borrowings, the people familiar with the matter had told Bloomberg.
Axiata Investments (Labuan) Limited owns 83.3 percent of Dialog Axiata PLC in Sri Lanka.
See the Bloomberg link here: http://www.bloomberg.com/news/articles/2016-09-13/axiata-said-to-seek-buyers-for-700-million-of-overseas-holdings