Axiata Group president and CEO Jamaludin Ibrahim revealed the company would target combining operations with rivals in some markets, Bloomberg reported, almost two weeks after the collapse of a proposed mega-merger with Telenor’s Asia business.
In an interview with the news website, Ibrahim identified its operations in Indonesia and Malaysia as units which could be the subject of deals within the next three to five years.
He did not identify potential partners, however last week Reuters reported CK Hutchison and Axiata had held informal talks on combining their businesses in Indonesia.
Ibrahim noted consolidation in its markets was key for its medium-term prospects.
The executive’s comments come less than a fortnight after Telenor and Axiata abandoned talks on combining their Asia businesses, citing complexities associated with the transaction, which was first announced in May.
Analysts had questioned whether the proposed tie-up would gain regulatory approval, highlighting Malaysia as a likely key stumbling block.
Axiata is currently in the process of refocusing its business and cutting costs, with Ibrahim stating in its latest financial announcement the group was “rationalising non-core assets” and “shifting gear towards profitability and cash”.
During his Bloomberg interview, the executive added it had received several offers for tower business Edotco Group, with a decision set to be made by the end of 2019.Subscribe to our daily newsletter Back