Edotco Leftover RM4bil to Get Pakistan Tower

Edotco Leftover RM4bil to Get Pakistan Tower

Edotco decided to obtain 13,000 towers from Pakistan Mobile Communications Ltd. According to a statement, it had failed to get regulatory approval for the change of control of the towers. Edotco Leftover RM4bil to Get Pakistan Tower

The transaction was subject to a number of conditions and terminated due to the non-fulfilment of the conditions precedent to the SPA. Within the stipulated timeframe, in particular regulatory approval for the resulting change of control contemplated under the SPA.

Edotco Leftover RM4bil to Get Pakistan Tower

From its latest condition, edotco become the eighths largest independent tower company in the world.

Edotco announced in 2017 that it had partneredd Dawood Hercules Corp Ltd to get towers vis edotco Pakistan unit Tanzanite Tower Pte Ltd for about RM4bil. Dawood Hercules would get a 45 percent equity stake in edotco Pakistan while remaining will go to edotco.

Edotco CEO Sureh Sidhu said:

We do not foresee this affecting our business goals and aspirations. We aree confident in the potential of the growing market in Pakistan and aree committed to the existing operations there.

He further said:

We continue to develop our pipeline of opportunities into Pakistan as well as into other markets in South and South East Asia and are confident we will be able to meet our goals for business growth.

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