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.