edotco Group Sdn Bhd through, edotco Pakistan (Private) Limited, announced it has entered into an agreement with Tower Share (Private) Limited (TS PK) to acquire 100% of its subsidiary, Tanzanite Tower Private Limited (TTPL).
edotco said the acquisition is an important strategic development to company’s existing operations in Pakistan and allows edotco to expand its presence in Pakistan with a sizeable portfolio of approximately 700 towers providing tenancies to all major mobile operators in the country.
This opportunity is in line with it’s plans to scale up its Pakistan operations and makes it the largest independent tower company in the country. This puts edotco in a strong position to accelerate its tower build out and take advantage of further acquisition and consolidation opportunities. The transaction values TTPL at an enterprise value of USD90 million (approximately RM385.4 million).
edotco Chairman, Datuk Azzat Kamaludin stated, “I am very pleased with the continuous progress and milestones edotco is making in its business growth and presence in the region. The Board is confident that this acquisition will bring positive financial returns to the Group. edotco’s growth in both its business strength and financial performance has been remarkable, allowing it to self-fund its growth and expansion strategies. Today, its expansion into Pakistan will further strengthen edotco’s position as a leading independent tower company in Asia.”
Suresh Sidhu, CEO of edotco, said: “This acquisition supports edotco’s growth strategy and ambition to position itself as the leading independent telecommunications infrastructure services provider across Asia. It also demonstrates our continued confidence in the Pakistan market and long-term commitment to support the development and enhancement of the country’s telecommunications infrastructure.”
Incorporated in 2008 and headquartered in Islamabad, TS PK is a wholly-owned subsidiary of Towershare Inc., a leading regional independent owner and operator of wireless communications infrastructure focusing primarily in the Middle East, North Africa and South Asia (or MENASA markets).
Malaysia based edotco Group operates and manages a regional portfolio of over 25,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia and Sri Lanka with 17,100 towers directly operated by edotco and a further 8,100 towers managed through a range of services provided.
The transaction is scheduled to be completed only upon receipt of relevant regulatory approvals in Malaysia and Pakistan.