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Home ASIA Cambodia

SMART Axiata, Cambodia Telcom company, merger with Cambodia cashless payment platform Pi Pay for $2 million

July 20, 2020
in Business, Cambodia, National, Tech
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SMART Axiata, Cambodia Telcom company, merger with Cambodia cashless payment platform Pi Pay for $2 million
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SMART Axiata’s subsidiary SmartLuy PLC has merged with cashless-payment platform Pi Pay PLC after the National Bank of Cambodia (NBC) and the Ministry of Commerce of Cambodia (MOC) approved the corporate exercise.

Mobile telecommunication network provider Axiata Group said in a Bursa Malaysia filing today notification of the successful application for the merger was received from the NBC and the MOC yesterday when the legal existence of SmartLuy ceased with the continuance of SmartLuy and Pi Pay as one entity.

“The cessation of SmartLuy will not have any material effect on the earnings or net assets of the Axiata Group for the financial year ending Dec 31, 2020.

“The cost of investment of SmartLuy is $2 million. None of the directors or major shareholders of Axiata or persons connected with them have any interest, direct or indirect, in the said cessation,” Axiata Group said.

Axiata Group said SmartLuy is a subsidiary held through Smart Axiata Co Ltd and Axiata (Cambodia) Holdings Ltd. Axiata Group claimed that Pi Pay is a leading cashless-payment platform in Cambodia. The Edge Markets

This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.

Tags: CambodiaCambodia cashlessCambodia cashless paymentCambodia cashless payment platformCambodia TelcomCambodia Telcom companycashless payment platform Pi Paypayment platform Pi PaySmart Axiata
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