Malaysia’s Axiata scouts Sri Lankan acquisitions

Malaysian telecommunications conglomerate, Axiata Group Bhd, operator of Dialog Axiata in Sri Lanka, is planning to invest more than US$ 51 million (200 million Malaysia Ringgit) to acquire Financial Technology, Advertising Technology and Internet-of-Things companies in Sri Lanka, Malaysia and Indonesia.

Axiata Group Bhd President and Group Chief Executive Officer Tan Sri Jamaludin Ibrahim told reporters in Malaysia that the company was scouting for potential acquisitions.

According to him, two-thirds of the amount would be spent to strengthen the company’s business in Malaysia, while the rest would be to build up its regional presence, particularly in Indonesia and Sri Lanka.
The company’s main investment focus would be in ‘BOOST’, a digital mobile wallet, to acquire more than 100,000 merchants by end of this year.

He said that the company had invested US$ 150 million in digital-related industries over the past five years, and will continue to invest in the areas of digital financial services.

According to Malaysian Media, Axiata Group Bhd operates 30 digital brands and six joint ventures companies.
It is also the operator of Sweden-based BIMA, a leading provider of mobile-delivered insurance and health services in emerging markets such as Sri Lanka, Cambodia and Bangladesh.