KUALA LUMPUR, Nov 2 — Mitsui & Co Ltd is investing US$58 million (US$1=RM4.75) in Axiata Digital & Analytics Sdn Bhd (ADA), facilitated via ADA’s holding company, Axiata Digital Services Sdn Bhd (ADS).

Following the investment, Mitsui’s stake in ADS would increase to 20 per cent from 3.29 per cent, resulting in an effective 12.69 per cent stake in ADA, said Axiata Group Bhd in a statement.

Axiata said the Japanese conglomerate has been working closely with ADS and ADA since its initial investment in 2019 and is now intensifying efforts to deliver data and artificial intelligence (AI) solutions to partners and clients in the Asia Pacific region.

It said Mitsui’s additional investment has established a watermark valuation of US$550 million for ADA, reflecting the company’s continued growth and innovation in the digital and data transformation domain.

"We are confident that broadening our strategic partnership will further enhance ADA’s expertise in AI and data analytics with Mitsui’s substantial business capabilities derived from a global portfolio.

"This is a significant step towards generating greater, long-term value for our stakeholders and in driving continued growth within this space,” said Axiata’s group chief executive officer and managing director Vivek Sood.

He noted that the strategic partnership would also enable Axiata to seize additional opportunities in the digital business realm while sharpening its focus on core pillars, thereby enabling sustainable growth across the group’s geographic footprint.

Meanwhile, Mitsui’s representative director and senior executive managing officer Toru Matsui said the company looked forward to collaborating closely with Axiata, ADS and ADA in order to contribute to ADA’s growth by accelerating the provision of digital marketing solutions and data analysis services throughout the region. — Bernama