MAXIS BERHAD ("MAXIS" OR "COMPANY") PROPOSED INTERNAL REORGANISATION INVOLVING THE CONSOLIDATION AND INTEGRATION OF THE BUSINESSES AND UNDERTAKINGS OF MAXIS' WHOLLY-OWNED OPERATING SUBSIDIARIES UNDER MAXIS BROADBAND SDN BHD ("MBSB") ("PROPOSED INTERNAL REORGANISATION")
Maxis wishes to announce that the Company and its subsidiaries (“Maxis Group”) propose to implement the Proposed Internal Reorganisation which will result in the consolidation and integration of the businesses and undertakings of Maxis’ wholly-owned operating subsidiaries under MBSB. In order to effect the Proposed Internal Reorganisation, MBSB had today, entered into separate sale and purchase agreements with Maxis Collections Sdn Bhd, Maxis International Sdn Bhd, Maxis Mobile Sdn Bhd and Maxis Mobile Services Sdn Bhd to purchase their businesses and undertakings including relevant assets and liabilities.
The Proposed Internal Reorganisation is another important step of the Maxis Group’s transformation. The objective is to deliver operational efficiency and provide the Maxis Group with greater operational agility and flexibility to respond quickly in a fast evolving telecommunications market.
The Proposed Internal Reorganisation will not have any effect on the issued and paid-up share capital of Maxis and the substantial shareholders’ shareholdings in the Company. In addition, the Proposed Internal Reorganisation is not expected to have any material impact on the:
1. net assets and gearing of Maxis Group based on the latest audited balance sheet of Maxis Group as at 31 December 2014; and
2. earnings of Maxis Group for the financial year ending 31 December 2015 and 2016 but is expected to contribute positively to the earnings of Maxis Group moving forward.
Barring any unforeseen circumstances, and subject to the fulfillment of applicable conditions precedent, Maxis expects to complete the Proposed Internal Reorganisation within the first half of year 2016.
This announcement is dated 2 December 2015
|Company Name||MAXIS BERHAD|
|Date Announced||02 Dec 2015|
|Category||General Announcement for PLC|