KUALA LUMPUR, Feb 21 -- Axiata Group Bhd is eyeing to raise RM255.2 million with a proposed listing of its 68.69 per cent-owned subsidiary, Robi Axiata Ltd, on the Dhaka Stock Exchange Ltd and the Chittagong Stock Exchange Ltd in Bangladesh.
In a filing with Bursa Malaysia, Axiata said Robi will issue 523.79 million new shares, representing 10 per cent of its enlarged share capital post-listing, which would also dilute its shares in Robi by 6.87 per cent.
Axiata, however, will continue to be the controlling shareholder of Robi post-completion of listing.
The proceeds would mainly be utilised for network expansion, it said.
Robi is a mobile telecommunications service provider in Bangladesh providing voice, data and other internet-based innovative digital services.
Robi also provides international roaming services through international roaming agreements with various operators of different countries across the world. It is the second largest mobile network operator in Bangladesh by subscribers with 49.0 million as of end-December 2019.