KUALA LUMPUR (May 2): Axiata Group Bhd said it has placed its 65%-owned unit in Thailand, Suvitech Co Ltd, under voluntary liquidation.

The group said Xpand Investments (Labuan) Ltd, a company wholly-owned by Axiata via Axiata Business Services Sdn Bhd (ABS), had registered Suvitech's voluntary liquidation on Monday (May 1).

In a bourse filing on Tuesday (May 2), Axiata said it is repositioning and restructuring ABS to refocus on core products and operating markets.

"The consolidation of the ABS business and decision to exit the sub-scale Thailand market, led to the voluntary liquidation of Suvitech," it added.

Axiata said Suvitech's voluntary liquidation would not have any material financial or operational impact on the group for the year ending Dec 31, 2023.

Suvitech, an information technology solutions and service company, was incorporated in Thailand in May 2002. Its present authorised capital is 100 million baht (RM13.05 million), comprising 10 million shares of 10 baht (RM1.30) each.

In May 2017, ABS entered into an agreement for the acquisition of 65% of the issued share capital of Suvitech for US$11.05 million (RM49.28 million).

"The voluntary liquidation of Suvitech is normally expected to be completed approximately within three months from the date of registration of the liquidator with the Department of Business Development of Thailand," said Axiata.

Axiata's share price closed one sen or 0.33% higher at RM3 on Tuesday, valuing the group at RM27.54 billion.