KUALA LUMPUR, Jan 28 — MIDF Amanah Investment Bank Bhd has maintained a ‘buy’ recommendation with unchanged target price of RM5.29 for Axiata Group Bhd on the back of a joint proposition to acquire Indonesia’s PT Link Net Tbk shares.
Yesterday, Axiata Group and PT XL Axiata Tbk inked a conditional share purchase agreement to jointly acquire 66.03 per cent equity interest and carry out a mandatory tender offer for the remaining 33.97 per cent of PT Link Net Tbk shares for a total purchase sum of RM3.86 billion for a 100 per cent stake.
“Moreover, Axiata will benefit from Link Net’s strong cash flow profile and consistent dividend payouts,” it said in a note today.
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