Telenor Seeking to Acquire Control of Digi in Malaysia
Telenor seeking to acquire control of DiGi in Malaysia Telenor, through its wholly-owned subsidiary Telenor Asia Pte. Ltd., today announced that it is seeking to increase its shareholdings in DiGi.Com Berhad ("DiGi"). Telenor presently holds 247 million ordinary shares in DiGi, or approximately 32.9 percent. Telenor has informed the Board of Directors of DiGi of its intention to make a Voluntary Partial Take-over Offer for up to a maximum of 210.5 million additional shares, increasing its total ownership in DiGi to 61 percent, the current maximum foreign ownership allowed by Malaysian authorities. The partial offer was approved by the Securities Commission of Malaysia on June 20, 2001. Under the terms of the offer, Telenor will offer to all holders of the remaining 503 million DiGi shares a cash consideration of RM 6.60 per share for up to 210.5 million shares. The partial tender offer is conditional on Telenor receiving tenders such that it will hold at least 375,000,001 DiGi shares, representing more than 50 percent, at the completion of the offer. If upon completion of the offer Telenor holds 50 percent plus one share or 61 percent, the investment amounts to approx. USD 222 million or USD 365 million respectively. Following the offer, Telenor intends to maintain the public listing status of DiGi on the Kuala Lumpur Stock Exchange (KLSE: DIGI). Telenor is seeking to increase its long-term interest in the Malaysian mobile market through the partial tender offer for DiGi shares. The company is a full-service mobile telecommunications operator in Malaysia, with more than one million mobile subscribers on its GSM1800 network by the end of March 2001.
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