Axiata Group Bhd has spent a large amount of money expanding its businesses in the markets it wants to be in. In having a bigger footprint, the regional cellular phone company will be investing more money on maintaining and growing its infrastructure from Nepal to Indonesia.

The bold moves by the company, with the latest being the acquisition of Nepal’s No.1 cellular company Ncell, has got the industry buzzing. But what has not happened is excitement being translated into its share price.