Axiata tower unit mulls stake sale - Mobile World Live

Axiata tower unit mulls stake sale

08 SEP 2022

Malaysia-based Axiata Group’s tower business edotco was tipped to be mulling raising funds to support its growth across Asia Pacific through a sale of shares which could generate up to $600 million.

Bloomberg reported edotco selected an adviser to work on a deal and existing shareholders including Axiata could participate in the share sale, which then could raise the transition amount to $1 billion.

In April, Philippines subsidiary ISOC edotco Towers closed a deal with PLDT to acquire 2,973 towers and in December 2021 its Malaysia unit agreed to buy 1,000 sites from Touch Mindscape.

Edotco was set up in 2012 and manages a portfolio of more than 54,000 towers across Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka, Pakistan, Philippines, Myanmar and Laos.

Its Q2 revenue grew 28.3 per cent year-on-year to MYR616.2 million ($137 million), with net profit up 3 per cent to MYR92.6 million.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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