Celcom-Digi Merger

The Celcom-Digi merger is finally completed. Axiata Group Berhad and Telenor will each hold a 33.1% stake in Celcom-Digi . This includes the subscription of new shares issued by Digi.

Celcom-Digi merger aims to build a world-class Malaysian digital telecommunications company

Celcom-Digi Merger
Image Credit: Pick@Stock

The merger of Celcom and Digi aims to create a world-class Malaysian digital telecommunications company that will significantly contribute to our digital ecosystem and economic growth. Celcom-Digi will also become the largest locally listed technology company on the Bursa Malaysia Exchange. It is also stated that Celcom-Digi will invest up to RM250 million over 5 years to build a world-class innovation center in Kuala Lumpur.

In addition, institutional investors such as the Employees Provident Fund Board (EPF), the National Investment Agency (PNB) and the Pension Fund will also become new shareholders after the merger.

Digital Network has also announced several personnel changes. The Chief Executive Officer of Digital Network will be Dato’ Mohamed Id Hanawe, the current Chief Executive Officer and Executive Director. The former Chief Executive Officer, Albern Murty, will be appointed as Deputy Chief Executive Officer.

The Chairman will be Tan Sri Halim, an Independent Non-Executive Director, and Jorgen Christian as Deputy Chairman. Several non-executive directors have also voluntarily stepped down following the completion of the merger.

Video Credit: Evening 5

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