George Raymond Zage III, Provident Capital Partners Pte. Ltd. and Ferrymount Investments Limited entered into a sale and purchase agreement to acquire 5% stake in PT XL Axiata Tbk (IDX:EXCL) from Axiata Group Berhad (KLSE:AXIATA) for IDR 1.4 trillion on September 27, 2021. As per terms of transaction, Axiata Group Berhad will sell 533.409349 million shares at IDR 2700 per share. As at the date of this announcement and prior to the Disposal, Axiata Group Berhad holds 66.5% equity interest in XL. In conjunction with the Disposal, George Raymond Zage III and Provident Capital Partners Pte. Ltd. has granted Axiata Group Berhad the option to purchase the 533,409,349 XL Shares from FIL at IDR2,700 per XL Share (“Call Option”). The Call Option is exercisable by AIISB in the event the three month VWAP of XL Share is less than IDR2,300 per XL Share on either March 31, 2022 or June 30, 2022. The Call Option shall be extinguished if the three month VWAP of XL Share exceeds IDR3,300 at any time during the period from January 1, 2022 to June 30, 2022. Procap Partners Ltd and Tiga Investments Pte Ltd, acting as guarantors will unconditionally and irrevocably guarantee the discharge by the Buyer of its obligations under the SPA. The Disposal is expected to be completed in October 2021. The Disposal will not have any effect on the issued share capital and substantial shareholders of Axiata. Tommy Tong, Jamie McLaren, Mark Robinson, Cynthia Ng, Teguh Arwiko of Herbert Smith LLP, Singapore and Tommy Tong, Mark Robinson and Teguh Arwiko of Herbert Smith Freehills acted as legal advisor to Axiata Group Berhad.

George Raymond Zage III, Provident Capital Partners Pte. Ltd. and Ferrymount Investments Limited completed the acquisition of 5% stake in PT XL Axiata Tbk (IDX:EXCL) from Axiata Group Berhad (KLSE:AXIATA) on October 27, 2021.