Axiata to sell Myanmar tower assets below cost

Axiata said the decision to exit Myanmar was made due to deteriorating macroeconomics and operating environments in that country.

PETALING JAYA: Axiata Group Bhd is selling its Myanmar telecommunication tower business below its original cost of investment as it scouts for ways to slash its massive borrowings of almost RM25bil.

Axiata, in which Khazanah Nasional Bhd and the Employees Provident Fund collectively hold over 50% in equity interest, announced that the tower business will be sold for US$150mil (RM713mil) cash to an undisclosed buyer.