Axiata plans to buy 13,000 telco towers in Pakistan | Daily News

Axiata plans to buy 13,000 telco towers in Pakistan

Axiata Group Bhd subsidiary edotco Group Sdn Bhd has scrapped its acquisition of 13,000 towers from Pakistan Mobile Communications Ltd.

Axiata said this was due to a number of non-fulfilment of conditions set in the sales and purchase agreement (SPA) within the stipulated timeframe.

One key condition that had not been met was the regulatory approval for the resulting change of control.

Despite the termination of the planned acquisition, Axiata said it remained committed to Pakistan and would continue to grow its existing business under edotco Pakistan, comprising towers acquired by Tanzanite Towers earlier this year.

edotco chief executive officer Suresh Sidhu said the company did not foresee this affecting its 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 Southeast Asia and are confident we will be able to meet our goals for business growth,” he said in a statement.

edotco Pakistan country managing director Arif Hussain said the company had seen strong progress in Pakistan since its first acquisition in the country and business continued 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,” he said.

(The Straits Times)


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