Softbank Corp will invest US$60m (RM250m) for a 23.1% stake in ADA via subscription of new shares. Post-deal, ADS will still own 63.5% of ADA. The deal values ADA at US$260m. Including Boost Apigate, ADS’s implied EV is US$615m. Axiata’s 96.5% stake in ADS is thus worth US$593m. Maintain Add with an unchanged SOP-based TP of RM4.20.
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