Mount Bintang Ventures Sdn. Bhd. entered into binding term sheet agreement to acquire an unknown minority stake in edotco Group Sdn Bhd from Axiata Group Berhad (KLSE:AXIATA) for approximately MYR 890 million on December 13, 2016. Mount Bintang Ventures Sdn. Bhd. entered into an agreement to acquire an unknown minority stake in edotco Group Sdn Bhd from Axiata Group Berhad on January 18, 2017. The disposal is subject to, inter alia, the receipt of all applicable waivers or a confirmation that there are no rights of pre-emption, limitations or restrictions that may exist in relation to the sale shares. The proceeds will be primarily used to fund mergers and acquisitions and in-country organic growth as well as other general corporate, investment, and working capital purposes. Also, Proceeds from the disposal will be used for general corporate purposes and/or repayment of existing indebtedness and/or incurred by Axiata from time to time. The transaction is expected to close on January 27, 2017. Mount Bintang Ventures Sdn. Bhd. completed the acquisition of an unknown minority stake in edotco Group Sdn Bhd from Axiata Group Berhad (KLSE:AXIATA) on January 27, 2017.