Astro unit agrees to RM83 million sale of broadband assets to Maxis
The conditional transaction is expected to close in the second quarter of 2027, subject to unforeseen circumstances.
A conditional agreement will see Maxis Broadband Sdn Bhd acquire broadband business assets from MEASAT Broadcast Network Systems Sdn Bhd (MBNS) for RM83 million, according to a stock exchange filing by Astro Malaysia Holdings Bhd. MBNS is wholly owned by Astro.
Astro said it treats the deal as a related party transaction because certain directors, major shareholders and people connected to them have interests in it. Maxis Bhd wholly owns the buyer.
The group expects a gain from selling the assets and said the transaction would bolster cash while limiting its exposure to risks from retail broadband operations. It would also give Astro more scope to direct resources to its core activities in content, entertainment, advertising and related consumer businesses.
Astro intends to apply the proceeds towards working capital over a period of 36 months. The remaining funds would meet transaction expenses within three months after completion. No shares will be issued for the deal, so Astro said its share capital and substantial shareholders’ holdings would remain unaffected.
Public Investment Bank Bhd will act as independent adviser on the disposal for Astro Malaysia’s directors and shareholders who have no interest in the transaction.
