The proposed merger between two of Malaysia’s biggest telco companies, Celcom and Digi has been in the works for quite some time now. Previously, we reported that the merger is set to be completed in the second half of 2022 but now, it seems that it may extend for a bit longer as the long stop date for their share purchase agreement (SPA) has been extended to 31 December 2022.
As reported by national news agency Bernama, the new date was mutually agreed by both Celcom Axiata Bhd and Digi. Hence, the 31 December 2022 dateline replaces the 21 June 2022, though the date can also be changed to any other date mutually agreed in writing between both parties.
In a statement by both companies, it was asserted that all other terms and conditions of the SPA remain unchanged except for the extension of the long stop date. Meanwhile, according to Digi’s filing on 21 June 2021, under the SPA signed between Axiata and Digi on the same date, the condition precedents in the SPA were to be satisfied within 12 months from the date of the SPA was signed, or such other date as mutually agreed in writing between Digi and Axiata.
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