Malaysia-based Axiata Group has sold another 10 percent stake in its Cambodian subsidiary Smart Axiata to Japanese group Mitsui Co Ltd. The Japanese firm now holds 20 percent of the local telecommunications giant.

In May last year, it sold 10 percent of Smart to Mitsui Co. That stake was valued at $66 million, and Mitsui reserved the right to purchase another 10 percent of the firm within a year.

The latest sale has reduced Axiata’s majority interest in Smart Axiata from 82.5 percent to 72.5 percent, with Southern Coast Ventures owning the remaining 7.5 percent.

In a press release obtained by The Post on Wednesday, Smart Axiata said Mitsui’s additional stake in Smart will act as a catalyst to transform the Kingdom into a digital, knowledge and information-based society.https://www.phnompenhpost.com/business/japan-firm-takes-another-10pct-telecom-smart