According to Digi’s filing with Bursa Malaysia today, the proposed merger involves the transfer of Celcom’s entire issued share capital of 1.24 billion shares by Axiata to Digi for RM17.76 billion, as well as the listing of an additional 3.96 billion new Digi shares on the main market of Bursa Malaysia.

Meanwhile, in their respective filings with the exchange today, both telcos said the SC has also approved the Bumiputera equity structure in Digi following the proposed exercise.

According to Digi’s filing, after the proposed merger, the enlarged issued shares allocated to Malaysians would increase to 59.9% from 40.4% as at Dec 31, 2021, while the allocation for foreigners will drop from 59.6% to 40.1% post-merger.

Of the 59.9% of the enlarged issued shares for Malaysians, 47.4% would be allocated to non-Bumiputeras compared to 21.6% before the merger, while the Bumiputera allocation would be 12.5%, down from 18.8%.

Axiata, the holding company of Celcom, is a non-Bumiputera body corporate.

Non-Bumiputeras’ direct interest in Digi post-merger is calculated based on the total number of shares held as at Dec 31, 2021 and the 3.88 billion fully paid-up new Digi shares to be issued to Axiata, Digi said.

On foreigners’ direct interest in Digi post-merger, the telco said its holding company Telenor Asia Pte Ltd is a 100% foreign-owned body corporate.

Foreigners’ direct interest in Digi post-merger is calculated based on the total shares in Digi as at the latest practicable date of Dec 31, 2021 and the 73.38 million fully paid-up new Digi shares to be issued to Telenor Asia post-merger, the filing said.