Axiata, Merchantrade Asia in joint venture

PETALING JAYA: Axiata Group Bhd’s wholly owned subsidiary, Axiata Digital Services Sdn Bhd (ADS), and Merchantrade Asia Sdn Bhd (MASB) have set up Merchantrade Digital Services Sdn Bhd (MDS), a digital financial services and solutions company, on a joint-venture basis.
ADS is the substantial shareholder in the JV company with an equity interest of 51%, with the rest held by MASB.
The incorporation of the JV company, which has a share capital of RM1,000, was completed yesterday.
The incorporation of MDS is not expected to have any material effect on the earnings and net tangible assets of Axiata for the financial year ending Dec 31 2017, Axiata said.
Axiata shares fell three sen to RM5.10 with some 5.23 million changing hands. Its market capitalisation stood at RM46.07 billion.