edotco Group Sdn Bhd, a subsidiary of Axiata Group Berhad, recently announced that it will not be moving forward with the acquisition of 13,000 towers from Pakistan Mobile Communications Limited (PMCL) in Pakistan, according to a company release.
The transaction was subject to a number of conditions and terminated due to the non-fulfillment of the conditions precedent to the SPA within the stipulated time frame, in particular, the regulatory approval for the resulting change of control contemplated under the SPA.
Suresh Sidhu, CEO 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.”
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. The company operates and manages a regional portfolio of over 28,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka and Pakistan.