Edotco calls off Pakistan deal
KUALA LUMPUR: edotco Group Sdn Bhd, a subsidiary of Axiata Group Bhd, will not be going ahead with the planned acquisition of 13,000 towers from Pakistan Mobile Communications Ltd (PMCL) in Pakistan.
The company said the transaction was subject to a number of conditions and nonfulfilment of conditions set in the sales and purchase agreement within the stipulated time frame.
Despite the termination of the planned acquisition, edotco said it remained committed to Pakistan and will 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 expect the decision to affect 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 will continue to develop our pipeline of opportunities in Pakistan as well as 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 as business continued to grow with new orders for sites and high demand for adjacent opportunities such as energy solutions.