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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  Axiata Group    AXIATA   MYL6888OO001

AXIATA GROUP

(AXIATA)
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Axiata Sells 22% Stake in Digital Financial Services Business for $70 Million

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06/25/2020 | 05:21am EDT

By Chester Tay

Malaysia-based Axiata Group Bhd. is divesting a 22% stake in Boost Holdings Sdn. Bhd., its digital financial services business, to Oversea-Chinese Banking Corp. subsidiary Great Eastern Holdings Ltd. for $70 million.

Axiata said it will hold the remaining stake in Boost via subsidiary Axiata Digital Services Sdn. Bhd.

Proceeds from the transaction will go toward funding Axiata Digital's digital financial services business over the next year, Axiata and Great Eastern said in a joint statement Thursday.

Boost's businesses include e-wallets, microfinancing and microinsurance.

In a press conference Thursday, Axiata Digital Chief Executive Khairil Abdullah said the transaction values Boost at $320 million.

The CEO said the ultimate goal for Boost is to own a digital bank license in Malaysia, and the company is looking for strategic partners to join a digital-banking venture.

 

Write to Chester Tay at chester.tay@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
AXIATA GROUP 2.05% 3.49 End-of-day quote.-15.70%
GREAT EASTERN HOLDINGS LIMITED 0.00% 19.97 End-of-day quote.-8.18%
OVERSEA-CHINESE BANKING CORPORATION LIMITED 0.97% 9.33 End-of-day quote.-15.03%
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Financials
Sales 2020 24 672 M 5 782 M 5 782 M
Net income 2020 807 M 189 M 189 M
Net Debt 2020 16 593 M 3 889 M 3 889 M
P/E ratio 2020 37,3x
Yield 2020 2,57%
Capitalization 32 000 M 7 491 M 7 499 M
EV / Sales 2019
EV / Sales 2020 1,97x
Nbr of Employees 32 800
Free-Float 63,1%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 4,16 MYR
Last Close Price 3,49 MYR
Spread / Highest target 46,1%
Spread / Average Target 19,1%
Spread / Lowest Target -2,58%
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Managers
NameTitle
Jamaludin bin Ibrahim President, Group CEO, Director & Managing Director
Ghazzali Abdul Khalid Chairman
Vivek Sood Group Chief Financial Officer
Amandeep Singh Group Chief Technology Officer
Nirmal Anthony Rodrigo Group Chief Information Officer
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