Axiata Investments (Indonesia) Sdn Bhd and PT XL Axiata Tbk (IDX:EXCL) entered into a non-binding term sheet to acquire 66.03% stake in PT Link Net Tbk (IDX:LINK) from PT First Media Tbk (IDX:KBLV) and Asia Link Dewa Pte. Ltd. on July 30, 2021. Axiata Investments (Indonesia) Sdn Bhd and PT XL Axiata Tbk entered into conditional share purchase agreement to acquire 66.03% stake in PT Link Net Tbk from PT First Media Tbk and Asia Link Dewa Pte. Ltd. for IDR 8.7 trillion on January 27, 2022. Under the terms of the transaction, PT First Media Tbk and Asia Link Dewa Pte. Ltd. will sale 29.04% and 36.99% stake, respectively and Axiata Investments (Indonesia) Sdn Bhd and PT XL Axiata Tbk will acquire 1.8 billion shares at IDR 4800 per share equivalent to 46.03% and 20.00% stake, respectively in PT Link Net Tbk. In a related transaction, Axiat Investments will be obliged to undertake a mandatory tender offer to acquire the remaining 33.97% of shares pursuant to regulatory requirements in Indonesia. The proposals will be funded via a combination of internally generated funds and/or bank borrowings, the proportions of which will be determined at a later date. The transaction is subjected to the approval of the shareholders of Axiata and FM, approval of BNM under the Foreign Exchanges Notices (consolidated) issued by BNM on April 15, 2021 for Axiata or AII to pay AII's portion of the purchase consideration, notification to the MOCI of the sale of the sale shares by the sellers; and approval or consents of any other regulatory authorities or parties. The Board of PT Link Net having considered all aspects of the proposals is of the opinion that the proposals are in the best interest of Axiata. As of May 26, 2022, the transaction has been approved by majority of shareholders of Axiata. As of June 14, 2022, on behalf of board, Maybank IB wishes to announce that all conditions precedent as stipulated in the SPA have been fulfilled and the transaction has become unconditional on June 13, 2022. The transaction is expected to complete in the third quarter of 2022. Maybank IB is the Principal Adviser and Morgan Stanley Asia (Singapore) Pte. is the International Financial Adviser to Axiata Group Berhad and XL for the transaction. Pt Credit Suisse Sekuritas Indonesia acted as financial advisor to PT First Media Tbk and Asia Link Dewa Pte. Ltd.

Axiata Investments (Indonesia) Sdn Bhd and PT XL Axiata Tbk (IDX:EXCL) completed the acquisition of a 66.03% stake in PT Link Net Tbk (IDX : LINK) from PT First Media Tbk (IDX:KBLV) and Asia Link Dewa Pte. Ltd. on June 22, 2022.