Logo of Phnom Penh Post newspaper Phnom Penh Post - Axiata sells Thai stake

Axiata sells Thai stake

Axiata sells Thai stake

Axiata Group Berhard – the owner of domestic mobile provider Hello – has sold its 18.9 percent stake in Samart Corporation Public Company to existing shareholders.

Originally acquired in 1997, the stake fetched US$34.8 million from Samart shareholders late last week. It was sold as part of Axiata’s plan to better focus on its “primary business”, according to company officials.

“This divestment reinforces our commitment to focus on our primary business of mobile communications,” Axiata president and CEO Dato’ Sri Jamaludin Ibrahim said in a press release.

In Cambodia, Thailand-based Samart operates Cambodia Air Traffic Services and Kampot Power Plant Co, as well as regional mobile multimedia and ICT-related business, according to its website.

Cambodia’s State Secretariat of Civil Aviation entered into a 22-year exclusive agreement with Samart to develop and operate the domestic civil air traffic control and navigation system in January 2001.

Axiata, which is Malaysia’s second-biggest mobile phone operator, will retain its 24.4 percent stake in Samart subsidiary Samart i-Mobile.

Samart officials could not be reached for comment yesterday.

Axiata shares rose to a two-week high in Kuala Lumpur trading after announcing the Samart sale.

The shares added 0.4 percent to 4.72 ringgit, the highest close since December 14.

MOST VIEWED

  • Government hits back at threats to pull EBA, suspend UN seat

    The spokesman for the ruling Cambodian People’s Party (CPP) has said the government is in no way concerned after the European Parliament gave it three months to reverse what it called the “systematic repression of the political opposition”. Ignoring the ultimatum could mean facing

  • Chinese influx pushing locals, Westerners out of Preah Sihanouk

    Some within the Kingdom’s tourism industry have speculated that the recent influx of Chinese visitors may hinder domestic tourism as the price of accommodations in the coastal city of Sihanoukville continues to rise. Preah Sihanouk province, which has become a hotbed for Chinese investment

  • Sar Kheng: Sokha requested security

    Interior Minister Sar Kheng on Sunday revealed the story behind the transfer of former opposition party leader Kem Sokha from Trapaing Phlong prison in Tbong Khmum province to his house in the capital. Speaking at the ruling Cambodian People’s Party (CPP) headquarters in Prey

  • ‘Dire consequences’ from sanctions, warns AmCham

    American businesspeople in Cambodia have warned that any sanction against the Kingdom would have “dire consequences” that could push Cambodia even further into the arms of China. In a letter to US senators and representatives dated Monday, the American Chamber of Commerce Cambodia (AmCham) said