Tuesday April 12, 2011
PETALING JAYA: Axiata Group Bhd is seeking the approval from its shareholders to buy back its own shares of up to 10% of its issued and paid-up share capital at the forthcoming AGM.
It also proposed in a statement to Bursa Malaysia yesterday to exempt Khazanah Nasional Bhd from the obligation to undertake a mandatory takeover offer on the remaining shares it did not already own in Axiata upon the latter’s purchase of its own shares. Khazanah holds 41.3% stake in Axiata. Future purchases by Axiata of its own shares pursuant to the proposed share buy-back could increase Khazanah’s shareholding in Axiata by more than 2% in any six-month period.
As a result, Khazanah would trigger an obligation to undertake a mandatory takeover offer on the remaining voting shares in Axiata.
“Causing Khazanah to trigger a mandatory takeover obligation is not the objective of the proposed share buy back,” Axiata said.
http://biz.thestar.com.my/news/story.asp?file=/2011/4/12/business/8463354&sec=business
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