Axiata’s share price dip after edotco cancels Pakistan deal

Axiata Group Bhd’s share price fell as much as 11 sen this morning after its subsidiary edotco Group Sdn Bhd canceled a US$940 million deal in Pakistan.

The stock fell as much as 11 sen to a low of RM4.50 this morning from its last adjusted closing price of RM4.61. At 11.06am, the stock fell 1.3% or 6 sen to RM4.55 with 584,700 shares traded.

Trading in Axiata’s securities was halted for an hour from 9am earlier before resuming at 10am.

On Monday, edotco said it will not go ahead with the acquisition of 13,000 towers from Pakistan Mobile Communications Ltd, which would have made it the eight largest independent tower company globally.

The US$940 million (RM3.9 billion) deal, which was in the works for more than a year, was terminated due to the non-fulfilment of a number of conditions within the timeframe stipulated under the sale and purchase agreement.