Axiata’s edotco completes stake acquisition in Digicel Myanmar

KUALA LUMPUR: Axiata Group Bhd’s telecommunication infrastructure services arm edotco Group Sdn Bhd has completed the acquisition of a 75% stake in Digicel Myanmar Tower Company Ltd (MTC) for US$221mil via MTC’s parent company, Digicel Asian Holdings Pte Ltd.

Axiata has also confirmed that Yoma Strategic Holding Ltd has signed a definitive agreement to retain its 25% effective interest in MTC.

In a statement today, edotco group chief executive officer Suresh Sidhu said the acquisition cemented the tower company’s position as a leading telecommunications infrastructure provider in the greater South-East Asia region.

He said the group was well-positioned to bring improvements in operational efficiency and capital expenditure savings on infrastructure in Myanmar’s telecommunications landscape.

“Our entry into the Myanmar tower business with Yoma Strategic Holding will bring along strong local experience and network expertise which will solidify our position in the market,” he said.

Meanwhile, Axiata president and group CEO Datuk Seri Jamaludin Ibrahim said Axiata had a proven track record of being a committed, long-term investor in the countries that it operates in.

“This deal gives us the opportunity to be part of Myanmar’s telecommunications future and to contribute to the country’s nation-building and development, bringing international best practices and expertise,” he added.

Since its inception in 2012, edotco has made significant progress in strengthening its operational efficiency and now manages 15,000 towers and 12,000 kilometres of fibre across five countries -- Malaysia, Bangladesh, Cambodia, Sri Lanka and Pakistan. - Bernama