edotco Group, a subsidiary of Axiata Group Berhad, announced today that they will not be moving forward with the acquisition of 13,000 towers from Pakistan Mobile Communications Limited (“PMCL”) in Pakistan.
The deal, if it had gone forward, may have potentially brought in $940 million in direct investment into Pakistan.
The transaction was subject to a number of conditions and terminated due to the non-fulfillment of the conditions precedent to the SPA within the stipulated timeframe, in particular the regulatory approval for the resulting change of control contemplated under the SPA.
edotco said that it remains committed to Pakistan and will continue to grow its existing business under edotco Pakistan, comprising of the towers acquired by Tanzanite Towers earlier this year.
Suresh Sidhu, Chief Executive Officer of edotco Group, said
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 South East Asia and are confident we will be able to meet our goals for business growth
Arif Hussain, Country Managing Director for edotco Pakistan, added:
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. We remain focused on building the business in Pakistan.