(Feb 23): Axiata Group Bhd, Malaysia’s biggest wireless carrier by revenue, has postponed talks to sell a partial stake in its tower unit edotco Group Sdn Bhd after a military coup in Myanmar triggered concerns over heightened investment risks, according to people familiar with the matter.
The Kuala Lumpur-listed telecommunication company was in discussions with potential investors to sell a partial stake in a special purpose vehicle that holds its shares in edotco for more than US$500 million, the people said. The deal has stalled as the Myanmar coup, which has triggered weeks of protests and killed two demonstrators, cast a shadow over edotco’s operations in the country, the people said.
Myanmar’s political upheaval is prompting global companies from Japan to Thailand to dial back operations in the country, spurring concern about a widening business fallout. From beer maker Kirin Holdings Co. to an early backer of gaming firm Razer Inc., companies and investors are weighing the impact of a military coup that’s thrust the once- thriving nation into a state of emergency. The turmoil is prompting multinationals like Thailand’s biggest industrial developer to delay investment plans, a harbinger of things to come should the chaos deepen. Western nations are applying pressure on the newly installed military government of the Southeast Asian country, once regarded as greenfield territory for everything from oil and gas to leisure resorts. With the U. S. reiterating plans to renew sanctions, it could cause a rippling effect among businesses, threatening $5.5 billion in foreign investment in a country that just a few years ago was on the path to democracy.
Myanmar faces wider business fallout after Kirin retreat
Faris Mokhtar, Philip J. Heijmans and Chanyaporn Chanjaroen, Bloomberg
Feb. 10, 2021
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A demonstrator holds up a National League for Democracy (NLD) flag during a protest outside the Embassy of Myanmar in Bangkok, Thailand, on Feb. 1 2021.Bloomberg photo by Andre Malerba.
Myanmar s political upheaval is prompting global companies from Japan to Thailand to dial back operations in the country, spurring concern about a widening business fallout.
From beer maker Kirin Holdings Co. to an early backer of gaming firm Razer Inc., companies and investors are weighing the impact of a military coup that s thrust the once- thriving nation into a state of emergency. The turmoil is prompting multinationals like Thailand s biggest industrial developer to delay investment plans, a harbinger of things to come should the chaos deepen.
Investors start to see light at end of Covid tunnel
published : 6 Feb 2021 at 04:00
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Recap: Global shares continued their march towards record highs yesterday as progress in vaccine rollouts and the prospect of a large US stimulus are expected to lead a faster global economic recovery.
The SET index moved in a range of 1,456.45 and 1,500.17 points this week before closing yesterday at 1,496.61, up 2.02% from the previous week, in daily turnover averaging 78.31 billion baht.
Institutional investors were net buyers of 4.49 billion baht. Retail investors bought 3.98 billion and brokers purchased 525.14 million baht. Foreign investors were net sellers of 8.99 billion baht worth of shares.