Maxis to acquire remaining 25 pct stake in AWT for RM15.83 mln

Maxis Bhd has signed a share purchase agreement with MBNS Multimedia Technologies Sdn Bhd (MMT) to acquire the remaining 25 per cent non-controlling interest in Advanced Wireless Technologies Sdn Bhd (AWT) for RM15.83 million.

In a filing to Bursa Malaysia today, Maxis said, as part of the agreement, it would also purchase goods and services totalling RM3 million from MMT.

AWT wholly-owns UMTS (M) Sdn Bhd, a holder of a 2,100 megahertz (MHz) spectrum assignment from Malaysian Communications and Multimedia Commission for 15 years expiring on April 1, 2018.

Maxis said the transaction was another important step of the group's transformation to streamline its structure with the objective to provide it with greater operational agility and flexibility to respond quickly in a fast-evolving telecommunications market.

"By acquiring the remaining 25 per cent stake in AWT and thus having full ownership of AWT, Maxis could accelerate its decision-making on matters surrounding the 2,100MHz spectrum assignment and other priority items that support its business plan and commercial objectives.

"Network infrastructure remains a critical component of the Maxis Group’s transformation journey to provide unmatched customer experience," it said.

It said the purchase consideration of AWT shares would be fully satisfied in cash.

Maxis said the transaction would not have any effect on its issued and paid-up share capital and the shareholding of its substantial shareholders, as well as material effect on the earnings per share, net assets per share or gearing of the group for the financial year ending Dec 31, 2016. - BERNAMA