Islamabad – 17 September 2018: edotco Group Sdn Bhd (“edotco”), a subsidiary of Axiata Group Berhad (“Axiata”), today announced that they will not be moving forward with the acquisition of 13,000 towers from Pakistan Mobile Communications Limited (“PMCL”) in Pakistan.
The transaction was subject to a number of conditions and terminated due to the non-fulfilment of the conditions precedent to the SPA within the stipulated timeframe, in particular regulatory approval for the resulting change of control contemplated under the SPA.
edotco remains committed to Pakistan and will continue to grow its existing business under edotco Pakistan, comprising today of the towers acquired by Tanzanite Towers carried out earlier this year.
Suresh Sidhu, Chief Executive Office of edotco Group, said “We do not foresee this affecting our business goals and aspirations. We are confident in the potential of the growing market in Pakistan and are committed to the existing operations there. We continue to develop our pipeline of opportunities into Pakistan as well as into other markets in South and South East Asia and are confident we will be able to meet our goals for business growth”
Arif Hussain, Country Managing Director for edotco Pakistan, added “We have seen strong progress in Pakistan since our first acquisition here and business continues to grow with new orders for sites as well as high demand for adjacent opportunities such as energy solutions. We remain focused on building the business in Pakistan.”
About edotco Group
Established in 2012, edotco is the first regional and integrated telecommunications infrastructure services company in Asia, providing end-to-end solutions in the tower services sector from tower leasing, co-locations, build-to-suit, energy, transmission and operations and maintenance (O&M).
edotco operates and manages a regional portfolio of over 28,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka and Pakistan with 17,000 towers directly operated by edotco and a further 11,000 towers managed through a range of services provided. edotco strives to deliver outstanding performance in telecommunications infrastructure services and solutions. Its state-of-the-art real time monitoring service, echo, has already seen improvements in field operations while maximizing operational efficiencies in terms of battery, energy and fuel consumption for telecommunications infrastructure.
edotco Group was recently awarded the Frost & Sullivan 2018 Asia Pacific Telecoms Tower Company of the Year Award for its demonstrated exemplary business growth and performance in the region.
For more information, visit www.edotcogroup.com