Axiata’s indirect unit becomes 50:59 per cent subsidiary of Headstart

KUALA LUMPUR: Axiata Group Bhd yesterday said its indirect unit, Digital Holdings Lanka (Pvt) Ltd, has become a 50.59 per cent subsidiary, Headstart (Pvt) Ltd on Jan 18, 2018.

Digital Holdings Lanka is a wholly-owned subsidiary of Dialog Axiata PLC, which in turn is a 83.32 per cent subsidiary of Axiata.

Dialog had notified to the Colombo Stock Exchange that Headstart has become Digital Holdings Lanka’s 50.59 per cent unit on Jan 18, 2018, said Axiata in a filing to Bursa Malaysia yesterday.

Dialog’s investment in Headstart started in 2014, in which the

Dialog’s investment, totalling US$640,000 (US$1 = RM3.94), was via subscription of bonds which may be converted to equity over time with the initial conversion resulting in a 26 per cent equity stake in Headstart in 2015. Axiata

company engages in the business of creating and providing digital education and e-learning solutions under the brand name ‘Guru.lk’.

“Dialog’s investment, totalling US$640,000 (US$1 = RM3.94), was via subscription of bonds which may be converted to equity over time with the initial conversion resulting in a 26 per cent equity stake in Headstart in 2015.

“With the conversion (dated Jan 1, 2018) of the last tranche of these outstanding bonds, Dialog increased its stake in Headstart to 50.59 per cent,” said Axiata.

Dialog is Sri Lanka’s largest foreign direct investor with investments totalling over US$2.1 billion.