Malaysian telecommunications company Axiata Group Bhd is in talks to buy a smaller rival in Indonesia in a share-swap deal to cut costs and competition in its biggest market, as COVID-19 hammers businesses, its CEO told Reuters.
“Except for the biggest player, I can tell you right now we are talking to all for some kind of an arrangement,” Axiata Chief Executive Jamaludin Ibrahim told Reuters in an interview on Saturday over Microsoft Teams, declining to specify a target.PT Indosat, with a market capitalisation of 10.68 trillion rupiah , PT Smartfren, valued at 21 trillion rupiah , and the local unlisted business of Hutchison, could not immediately be reached for comment.
Jamaludin, who retires later this year, said Axiata was looking for deals in Malaysia and Sri Lanka too. The company also operates in Bangladesh, Cambodia, Nepal, Pakistan, Myanmar, Thailand, Laos and the Philippines.
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