KUALA LUMPUR: Axiata Group Bhd’s 83.32%-owned subsidiary, Dialog Axiata PLC, has acquired an 80.34% stake in Colombo Trust Finance PLC (CTF) for RM29.49 million in order to expand its digital financial services. The acquisition had been made via a share purchase of 37.37 million ordinary shares in CTF from Cargills Bank Ltd on the Sri Lankan stock exchange for 28.70 Sri Lankan rupees, or 79 sen apiece, Axiata said in an announcement yesterday. Dialog will subsequently make a mandatory takeover offer for the remaining 19.66% stake in CTF at the same price, Axiata said. According to Axiata, the acquisition was funded through internal and external funding. Shares in Axiata closed up one sen at RM5.13 to give the group a market capitalisation of RM46.16 billion.

Source: The Edge Markets September 13, 2017 02:26 UTC