Business

Wednesday February 1, 2012

Axiata shares tumble on deadline extension


PETALING JAYA: Axiata Group Bhd's shares fell after it had to seek a two-year extension from the Securities Commission (SC) for its deadline to obtain approvals on its remaining 111 outdoor structures. The shares shed eight sen, or 1.7%, to RM4.67, its lowest since October, on volume of 37.8 million shares.

It told the stock exchange on Monday that it had received the SC's approval for an extension to Jan 29, 2014.

This is the second time it has asked to extend the time it needed to get approval for its outdoor structures, which was one of the SC's conditions for Axiata's listing on the Main Market.

The structures comprise transmission towers and rooftop sites.

In providing an update on the status of application for the outdoor structures, Axiata said 22 of them were pending approval from local authorities while applications for 27 Outdoor Structures had been declined, and the Celcom group was in the midst of appealing to the relevant local authorities.

It added that as part of the extension granted by the SC, the telco was obliged to make quarterly announcements on the status of application on the outdoor structures to the stock exchange until such approvals were obtained.

In addition, it had to update the SC on the status of the application on the outdoor structures every six months until the approvals were obtained.

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