Sri Lanka's e-learning solutions company and owner of the country's leading digital education portal Guru.lk, Headstart (Private) Ltd, has become Axiata Group Bhd's subsidiary as of last Thursday Jan 18, according to a filing with Bursa Malaysia.
Headstart is a 50.6% subsidiary company of Digital Holdings Lanka (Private) Ltd, which in turn is a wholly-owned subsidiary of Dialog Axiata PLC, an 83.3% subsidiary of Axiata Group.
Dialog Group's investment in Headstart — started back in 2014 and totalled US$640,000 — was via subscription of bonds which may be converted to equity over time with the initial conversion resulting in 26% equity stake in Headstart in 2015.
Axiata said Dialog has increased its stake in Headstart to 50.6% following the conversion (Jan 1, 2018) of the last tranche of these outstanding bonds.
The announcement was made following the notification of Dialog Axiata to the Colombo Stock Exchange on Jan 18 this year.
In the morning session today, Axiata Group was unchanged at RM5.55 with about 607,200 shares traded, giving it a market capitalisation of RM50.2 billion.