On June 1, 2017, Mitsui & Co. paid USD 66 million (about JPY 7.4 billion) to acquire a 10% stake in the holding company of Smart Axiata Co., Ltd., a leading telecommunications company in Cambodia, through a special purpose entity which Mitsui has a 50% stake in.
Even amongst domestic competitors, Smart Axiata Co. has an especially strong brand presence and service quality. In addition to telecommunications, the company offers digital services such as finance (insurance, payments, remittance, microfinance), and entertainment, winning the support of many customers.
In recent years, Cambodia has experienced rapid economic growth and its Gross Domestic Product (GDP) has been growing at a rate of over 7%. Alongside this, the attractiveness of the country as a consumer market is further increasing due to the expansion of its middle class. Utilizing Mitsui’s knowledge and network, we will accelerate the expansion and strengthening of Smart Axiata Co.’s digital services, capturing the large consumer demand and contributing to the company’s growth.
Through this project, Mitsui also aims to contribute to the development of Cambodia’s economy and industry, and improve the everyday lives of its citizens.