Cahya Mata Sarawak buys 50% of Sacofa for RM186m

KUALA LUMPUR Cahya Mata Sarawak Bhd (CMS) is buying a 50% stake in Sarawak-state controlled telecommunications infrastructure arm, Sacofa Sdn Bhd, for RM186.8mil in cash.

Sacofa currently enjoys a monopoly in the state in providing telecommunication towers to telcos players, which include Celcom, DiGi and Maxis.

CMS told Bursa Malaysia on Thursday that it had signed a conditional agreement to acquire 42.4 million RM1 shares at RM4.40 apiece from the State Financial Secretary (SFS), which currently owns a 70.51% interest in Sacofa.

In March 2002, Sacofa was granted a 20-year exclusive right to build, manage, lease and maintain telecommunication towers in Sarawak. It was also given the “deemed native status” allowing it to acquire native lands in the state for construction of telecommunication facilities.

Corporate News , Telcos