Malaysian telecommunications conglomerate Axiata Group Berhad, through its subsidiary edotco PK, has completed its acquisition of Tanzanite Tower Private Limited (TTPL), a Pakistan-based firm that operates telecommunications towers.
The transaction closed on Thursday, August 3, following Axiata’s announcement of the deal on June 20, 2017.
Axiata disclosed TTPL’s buyout was transacted at a purchase consideration of $88.9 million (RM381 million).
As a result of a share pledge agreement, TTPL shall be the beneficiary (by way of security) for all the wi-tribe Pakistan Limited shares held by HB Offshore Investments Limited (HBOIL). HBOIL provides wireless broadband services in Islamabad, Rawalpindi, Lahore, Karachi, and Faisalabad.
Established in 2012, Axiata’s edotco Group provides end-to-end solutions in the tower services sector. It operates and manages a regional portfolio of over 25,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka and Pakistan with 17,100 towers directly operated by edotco and a further 8,100 towers managed through a range of services provided.
Axiata’s last trading price increased 2.35 per cent or RM0.11 to close at RM4.80 per share on Thursday, August 3.