Axiata Group Bhd has entered into an unconditional sale and purchase agreement with Spectrlite UK Ltd to dispose of Reynolds Holdings Ltd, which owns about 80% stake in Ncell Axiata Ltd.

The sale includes a set payment of US$50 million and a contingent component where Axiata stands to receive a portion of Ncell's future distributions. This contingent share depends on Ncell's business performance and net distributions until 2029. The sale was part of Axiata's strategy to exit the Nepali market after facing regulatory challenges and disputes with the Nepali government.