Norway's Telenor to merge Asian arm with Malaysia's Axiata
OSLO/KUALA LUMPUR - Norway’s Telenor and Malaysia’s Axiata Group are in talks to run a jointly owned telecoms giant in South and Southeast Asia with nearly 300 million customers, looking to slash costs and expand in cut-throat markets.
“The bottom line is we need the scale, we need the synergy, we need the balance sheet, we need the strong capabilities of both companies. If we can combine that it will be powerful,” Axiata president and group chief executive Jamaludin Ibrahim told a news conference on Monday. The joint firm will have operations in nine countries with a total population of nearly 1 billion people, including Thailand, Malaysia, Bangladesh, Pakistan, and Indonesia, beefing up against companies such as Singapore Telecommunications Ltd.
Telenor said a separate stock market listing of the towers business would be possible down the track. Axiata’s shares were suspended from trading ahead of the announcement, while Telenor’s shares traded as much as 4.9 percent higher at 178.45 Norwegian crowns.“Overall, we would be positive if this deal materialises as this could reduce the number of competitors, effectively enabling the merged entity to leapfrog to top positions in terms of market share in countries which are involved in the merger,” said Alex Goh, an analyst at AmInvestment Bank in Kuala Lumpur.
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