Japanese firm may sell edotco stake


  • Corporate News
  • Friday, 08 May 2020

INCJ bought the shares from Edotco parent company Axiata Group Bhd for US$400mil via a private placement in 2017, according to a press statement on edotco’s website.

KUALA LUMPUR: Innovation Network Corp of Japan (INCJ) is considering selling its stake in a Malaysia telecommunications tower company in a deal that could be worth US$500mil, according to sources.

The state-backed private equity firm has hired an adviser to help with the potential stake sale in edotco Group Sdn Bhd, said the sources.

INCJ bought the shares from Edotco parent company Axiata Group Bhd for US$400mil via a private placement in 2017, according to a press statement on edotco’s website.

Deliberations are still at an early stage and INCJ may decide not to proceed with the planned deal, said the people. Representatives for INCJ, edotco and Axiata declined to comment.

Edotco owns more than 31,500 towers across Malaysia, Sri Lanka, Bangladesh, Cambodia, Pakistan and Myanmar, according to its website.

Axiata owns a controlling 62.4% stake in edotco. Other shareholders in the company include Khazanah Nasional Bhd and Kumpulan Wang Persaraan. — Bloomberg

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Japanese , sell , edotco , stake , Axiata , Innovation Network ,

   

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