Malaysia-based telco infrastructure services company edotco Malaysia Sdn Bhd has completed the acquisition of 80 per cent stake for RM140 million ($35.48 million) in Tanjung Digital Sdn Bhd, it said in an announcement today.
The acquisition will allow edotco to expand its presence and improve the operational efficiency of tower infrastructure in Kedah, the northern state of Malaysia, with a portfolio of 225 telco towers.
“By expanding our presence in Kedah, we will work with the entire ecosystem to ensure network providers are able to strengthen their service quality and network footprint across the state. Currently, Kedah’s lower tower density in comparison to Malaysia’s average impacts the quality of network connectivit,” said edotco Group chief regional officer Wan Zainal Adileen.
Established in 2012, edotco is a unit of Malaysian telco group Axiata Group Bhd. It operates and manages a regional portfolio of over 27,500 towers across Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka and Pakistan.
edotco was said to be mulling an initial public offering to raise at least $500 million for more deals and to enter into new markets including Thailand, Laos and Vietnam.
It raised $600 million in a private placement last year from investors including Axiata’s largest shareholder and Malaysia’s sovereign wealth fund Khazanah Nasional Bhd, as well as Japan’s Innovation Network Corporation of Japan.
edotco’s unit in Bangladesh sold a 30 per cent stake to local conglomerate Getco in May.