Malaysia's Axiata buys 80% of Nepali telco Ncell for US$1.36b
Deal expected to add 13m subscribers, contribute almost 20% to net profit
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Kuala Lumpur
MALAYSIA'S Axiata Group has acquired 80 per cent of Nepal's Ncell Pte Ltd for US$1.365 billion cash, in a move that will allow the state-owned operator to expand its market share in South Asia as well as to leverage the international calls and mobile remittances of the million odd Nepali working in the country.
The acquisition at a time when the ringgit has been significantly devalued cannot be avoided given the limitations of the domestic market and the need to ensure growth, analysts say.
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