<article>Malaysia-based edotco Group Sdn Bhd, a subsidiary of Bursa-listed Axiata Group Bhd, announced that it will terminate the acquisition of 13,000 towers from Pakistan Mobile Communications Ltd, it said in a statement on Monday.</article>

Malaysia-based edotco Group Sdn Bhd, a subsidiary of Bursa-listed Axiata Group Bhd, announced that it will terminate the acquisition of 13,000 towers from Pakistan Mobile Communications Ltd, it said in a statement on Monday.
According to edotco, the transaction was terminated due to the non-fulfillment of the conditions precedent to the sales and purchase agreement (SPA) within the stipulated timeframe, in particular regulatory approval for the resulting change of control.
The regional telco infrastructure services company said that it remains committed to Pakistan and will continue to  grow its existing business under its subsidiary, edotco Pakistan. Last year, it acquired Pakistan-based tower operator Tanzanite Tower.
“We do not foresee this affecting our business goals and aspirations. We are confident in the potential of the growing market in Pakistan and are committed to the existing operations there. We continue to develop our pipeline of opportunities into Pakistan as well as into other markets in South and Southeast Asia,&#8221; said edotco Group CEO, Suresh Sidhu.
edotco Pakistan country managing director, Arif Hussain, said: &#8220;We have seen strong progress in Pakistan since our first acquisition here and business continues to grow with new orders for sites as well as high demand for adjacent opportunities such as energy solutions.&#8221;
Established in 2012, edotco operates and manages a regional portfolio of over 28,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka and Pakistan with 17,000 towers under its direct operations. It has a further 11,000 managed towers in its portfolio.
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Malaysia-based edotco Group Sdn Bhd, a subsidiary of Bursa-listed Axiata Group Bhd, announced that it will terminate the acquisition of 13,000 towers from Pakistan Mobile Communications Ltd, it said in a statement on Monday.

Axiata arm edotco ends deals to buy tower assets from Pakistan Mobile

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