Japanese mobile giant NTT Docomo is going to reduce its holding of Robi Axiata to 8 per cent as it decided not to invest further due to unpredictable regulatory environment in the telecom industry of Bangladesh, said Robi officials on Wednesday.
‘The Docomo already signed an agreement with Axiata to reduce its stake to 8 per cent from 30 per cent through dilution of shares after regulatory approval,’ said Robi’s chief financial officer Mahtabuddin Ahmed at a news briefing in Dhaka.
As a result, total share of Axiata, a Malaysian company, in Robi will be 92 per cent from the existing 70 per cent, he said.
‘Docomo is not willing to make fresh investments. The company is yet to receive any dividend from its investment in Robi,’ he said.
When asked why Docomo was reducing its share in Robi, he said, ‘We do not know the exact reason. But the company might have reconsidered its
business case in light of the unpredictable regulatory environment of the
telecom industry in Bangladesh.’
He said that many important issues were pending with the regulators and government agencies which were hurting the industry and also had become a concern of the investors.
‘Issues like VAT rebate on 2G license or upcoming 3G auction are very important. But the industry is yet to receive any clear stand form the government and it’s a kind of uncertain situation,’ he said.
‘The decision of Docomo will not affect the financial health of Robi, especially ahead of 3G auction, as there is no transfer of money. The shares will be diluted as per the deal,’ said Mahtab.
In 2008, the DOCOMO acquired 30 per cent stake in TM International (Bangladesh) Limited , known as Aktel, by directly acquiring all stocks in TMIB held by AK Khan Co Ltd at a cost of $350 million.
-With New Age input
