Kuala Lumpur: Axiata Group Bhd’s shareholders have approved the proposed merger between PT XL Axiata (XL Axiata) and PT Smartfren Telecom Tbk (Smartfren). The approval was granted at the Group’s extraordinary general meeting (EGM) through polling, and the results have been submitted to Bursa Malaysia in compliance with regulatory requirements.

According to BERNAMA News Agency, the approval marks a key milestone in finalising the merger, bringing the formation of the new entity, XLSMART, another step closer to completion. XL Axiata and Smartfren shareholders are scheduled to hold their respective EGM of shareholders tomorrow to vote on the merger.

With the XL Axiata-Smartfren merger set for completion in the second quarter of 2025, all of the group’s markets will transition to a three-player structure, with Axiata holding over 25 per cent market share in each.