Telenor has received acceptances totalling 483 million shares on its partial take-over offer in the Malaysian telecommunications company DiGi. This represents 64 per cent of the outstanding shares in DiGi. The offer was closed at 5 p.m. local Malaysian time on August 26.
As the offer is for up to 210,500,000 DiGi shares, giving Telenor a maximum ownership of 61 per cent in the company, a certain number of shares will be returned to each holder who has accepted the offer. This will be done on a proportionate basis in accordance with the terms and conditions outlined in the offer document.
The offer document was issued to the DiGi shareholders on August 6. Prior to the offer, Telenor held 32.9 per cent of the outstanding shares in DiGi, Malaysia’s third largest mobile operator with more than one million mobile subscribers by the end of March 2001. The Malaysian authorities have previously approved Telenor’s request to increase its ownership in DiGi to a maximum of 61 per cent. In line with the terms outlined in the offer document, settlement for the shares will be dispatched to the shareholders within three weeks from closing of the offer.