Towershare sells one of its subsidiaries in Pakistan to a Malaysian group for USD 90 million
Axiata Group Bhd, through its wholly-owned subsidiary Edotco Pakistan (Private) Ltd (edotco PK), has entered into an agreement for the subscription of sale and purchase of shares (SPA) with Tower Share (Private) Ltd (TS PK) and Tanzanite Power Private Ltd (TTPL) for the subscription of 899,900 ordinary shares of Rs10 each in TTPL.
In an exchange filing today, the telecommunication company also noted the acquisition from TS PK of the entire issued share capital of TTPL for a total cash consideration of USD90.0 million.
The company said the transaction allows edotco to expand its presence in Pakistan with a sizeable portfolio of about 700 towers with a strategic split of 97 per cent urban and 3 per cent rural providing tenancies to all major operators in Pakistan.
“This opportunity is in line with edotco’s plans to scale up its Pakistan operations and makes it the largest independent tower company in the country,” it said.
Incorporated in 2008 and headquartered in Islamabad, TS PK is a wholly-owned subsidiary of Towershare Inc., a leading regional independent owner and operator of wireless communications infrastructure focusing primarily in the Middle East, North Africa and South Asia (or MENASA markets).