OCK Group's Vietnam subsidiary buying telco tower owner for RM203m

PETALING JAYA: OCK Group Bhd's 60% owned Vietnam subsidiary is buying Southeast Asia Telecommunications Pte Ltd for US$50mil or RM203.5mil in cash which will boost the number of telco towers it owns. 

It said on Thursday that OCK Vietnam Towers Pte Ltd signed a conditional share sale and purchase agreement with Vietnam Infrastructure Ltd to acquire the entire equity interest in Southeast Asia Telecommunications (SEATH). 

SEATH is the largest independent base transceiver stations (BTS) owner in Vietnam with 1,938 telecommunications towers. 

Upon the completion of the proposed acquisition, OCK group expects to gain a steady income stream as the BTS stations have long-terms lease agreements with network operators in Vietnam. 

OCK group managing director Sam Ooi said this acquisition would pave the way to enter the Vietnam market, which is one of the biggest in Asean, with many growth opportunities. 

"SEATH is an on-going and profitable business. As a result of this transaction, OCK will approximately have 3,000 tower assets across the Asean region by year-end," he said in a statement.

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